Not too long ago the CarSmartt Inc (OTCMKTS:CRSM) stock had been in the middle of a strong rally but on Wednesday, there was a reversal of trend and the stock tanked by as much as 18%.
However, there was no news about the company yesterday that might have brought about this steep fall. Hence, it might be a good idea for investors to consider taking a look at a key development from back on July 19. On that day, the company announced that it decided to cancel the FORM D.
Smartt Inc announced at the time that it decided to cancel the outstanding FORM D in order to convey to the shareholders that the company is committed to working in their best interests.
However, more importantly, the company also noted that it was growing at an exponential rate and the market is going to get an idea of the magnitude of the growth over the coming weeks. In addition to that, the company also notified its investors that in May this year it changed its name to Smartt Inc in order to better reflect its current goals as a business. Smartt is now solely involved in making acquisitions in the construction, real estate and technology sectors.
Market Reaction:
On Wednesday, CRSM stock fell 18% at $0.0331 with more than 13.15 million shares, compared to its average volume of 4.23 million shares. The stock has moved within a range of $0.0306 – 0.0460 after opening the trade at $0.0381. Over the past 52-week, the stock has been trading within a range of $0.0051 – 0.0550.
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