Although the company made a major announcement on Friday, the TAAT Global Alternatives Inc (OTCMKTS:TOBAF) stock suffered from a selloff and ended the day with decline of as much as 10%.
Market Action:
On Friday, TOBAF stock slid 10.12% at $2.6000 with more than 653.84K shares, compared to its average volume of 160.83K shares. The stock has moved within a range of $2.6000 – 2.9000 after opening the trade at $2.8800.
Major Trigger
TAAT Global announced that a number of big ticket wholesalers in the United Kingdom have got TAAT. More importantly, the wholesalers also expressed their enthusiasm about the product as a worthy alternative to traditional cigarettes. The announcement was in fact a positive one for the company but investors did not seem particularly thrilled. In this context, it might be a good idea to take a look at a press release sent out by TAAT Global back on September 29, 2021.
At the time, the company had announced that as many as 43,000 packs of TAAT had landed in London, United Kingdom. The consignment was part of purchase orders in excess of C$1,200,000. The order had been placed by Green Global Earth for the Ireland and United Kingdom markets. In addition to that, investors need to also keep in mind that the wholesalers are going to place the TAAT product in as many as 1200 retail outlets in the United States market as well.
Traders Note:
TOBAF stock is trading above the 20-Day and 50-Day Moving averages of $3.01 and $3.26. The stock is down 15% in the past month.
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