The appointment of a new Chief Executive Officer can often have a positive effect on a company’s stock and that is what seemed to have happened with the Renewal Fuels (OTCMKTS:RNWF) stock on Monday. Yesterday, the company announced that Alka Badshah is going to be its new Chief Executive Officer.
The news seems to have come as a major source of optimism for investors and the Renewal Fuels stock soared by as much as 100% after the announcement was made. In its press release, the company announced that the new CEO is going to be responsible for overseeing joint ventures, acquisitions and investments in the hemp, psychedelic products and cannabis spaces.
However, that is not all. It is also necessary to noted that the companies in which Renewal Fuels invests, it is also going to provide those companies with considerable support in order to make them successful.
The support is going to consist of financial support, capital management, consulting, capital markets access, merchant processing and compliance among others. Now that a new CEO has been appointed, it will be easier for the Renewal Fuels to put its plans into motion fairly quickly. Investors could do well to keep the stock in their watch lists this week.
Market Reaction:
On Monday, RNWF stock jumped 100% at $0.0064 with more than 449.65 million shares, compared to its average volume of 3.37 million shares. The stock had moved within a range of $0.0041 – 0.0106after opening the trade at $0.0042. Over the past 52-week, the stock has been trading within a range of $0.0018 – 0.0198.
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