After flying high in recent days, the Life Clips Inc (OTCMKTS:LCLP) stock seems to have corrected this morning and has tanked by 20% so far. This morning the company provided an update to its shareholders with regards to some of the corporate transactions that were completed recently and also certain important events.
That also included Life Clips’ regulation A offering, filing of information statement and the decision to acquire the cryptocurrency company Belfrics. The most important event was obviously the acquisition of the multinational blockchain technology company Belfrics Group, which was announced last week on July 14.
Belfrics is best known for operating a range of cryptocurrency exchanges through its proprietary platform. Robert Grinberg, the Chief Executive Officer of the company, spoke about the acquisition as well.
He stated that the cryptocurrency market has been growing in popularity across the world, the acquisition of Belfrics Group is going to be prove to be beneficial to the company’s shareholders. He went on to state that Belfrics Group is going to operate as a subsidiary of Life Clips and added that the acquisition is expected to be closed by the time the third fiscal quarter ends. It remains to be seen if the Life Clips stock can recover today.
Market Reaction:
As of 11:32, LCLP stock slumped 25.40% at $0.0325 with more than 349.19 million shares, compared to its average volume of 50.7 million shares. The stock had moved within a range of $0.0279 – 0.0410 after opening the trade at $0.0342. Over the past 52-week, the stock has been trading within a range of $0.0002 – 0.0619.
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