12 Retech Corp (OTCMKTS:RETC) was one of the biggest losers in Tuesday’s trading session. The company had a news after the market closed.
Market Action
On Tuesday, RETC stock slumped 40% to $0.0010 with more than 3.16 billion shares, compared to its average volume of 367.91 million shares. The stock has moved within a range of $ 0.0009 – 0.0021 after opening the trade at $0.0017.
Major Trigger:
12 RETECH : MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT OF OPERATIONS (form 10-K)
Key Highlights:
- In the first quarter of 2020, the processes discussed here continued and accelerated until our business was interrupted by nationwide closures due to the COVID-19 pandemic. Management used this period once most operations were closed to more swiftly shutter unprofitable retail stores, close the unprofitable Utah factory, and further streamline operations which management believes may make the Company a much stronger player post COVID-19 pandemic.
- During the 4th quarter of 2019 the company completed the last two acquisitions for the year (Bluwire Group, LLC & Social Decay d/b/a Social Sunday) and began to consolidate them into 12 Retail. 12 Retail was itself divided into two operating segments; Retail and Fashion. Angelo Ponzetta, our CEO who had 25 years of retail experience, was named as the acting CEO of Bluwire, and Emily Santamore, with over 10 years of experience in the fashion industry, was named President of 12 Fashion Group, Inc.
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