Verde Bio Holdings, Inc. (OTCMKTS:VBHI) stock is seeing weakness in the opening session on Thursday after releasing news.
Market Action
As of 9:50, VBHI stock is down by 3% to $0.0114 with more than 2.13 million shares, compared to its average volume of 49.81 million shares. The stock has moved within a range of $0.0114 – 0.0118 after opening the trade at $0.0116.
Major Trigger:
Verde Bio Holdings, Inc. Announces Opportunistic Divestiture of Assets
Key Highlights:
Verde Bio Holdings announced that it has agreed to the sale of two of its assets for $1,105,000 to an anonymous buyer. The transaction is expected to close on or before July 23, 2021.
Verde Bio Holdings will achieve approximately 84 percent profit after holding this asset for a little more than three months. In addition to the profits from sale, Verde also will receive all revenue of the assets related to production from the wells from March 1, 2021, to July 31, 2021, estimated to be approximately $80,000.
Key Quote:
“We are going to be opportunistic for our shareholders when the situation, such as this, necessitates it. Our goal is to build and manage the best portfolio we can and in a major natural gas market, such as we are in now, it makes sense to lay off some lower performing oil assets and reinvest the capital into better performing assets,” said CEO Scott Cox. “As we have been building massive dealflow in the buy-side markets, we have also been hard at work developing a sell-side market in retail channels including the 1031 Exchange markets. We plan to reinvest all proceeds from this excellent transaction, and we continue to evaluate a number of other possible transactions. We pride ourselves on the ability to be both creative and flexible.”
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