There was a heavy selloff in the stock of the BrewBilt Brewing Company (OTCMKTS:BRBL) yesterday as the stock tanked by as much as 35%. While the selloff in the stock may have been quite alarming, it is also important for investors to recognise that there was no news about the company yesterday.
As a matter of fact, it might even be an opportunity for investors and in this context; it might be worthwhile to take a look at an announcement from BrewBilt last week. The company announced last week that it concluded its corporate restructuring and also sent in its license application to the State of California for Type 22, a small beer manufacturer.
In addition to that, the company also announced that it had been awarded the Federal Brewer’s notice by way of which it will be able to manufacture and also distribute craft beer at its advanced brewing plant located in Northern California.
The Chief Executive Officer of the company Jef Lewis spoke about the matter as well. He stated that BrewBilt has started work on building the facility that is going to span across an area of 6000 square feet. The company is also working on a 150,000 square feet facility that also has a tap room.
Market Reaction:
On Monday, BRBL stock slumped 35% at $0.0365 with more than 2.84 million shares, compared to its average volume of 686k shares. The stock had moved within a range of $ 0.0300 – 0.0595 after opening the trade at $0.595. Over the past 52-week, the stock has been trading within a range of $0.0150 – 1.3199.
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