Connected sports technology company Slinger Bag Inc (OTCMKTS:SLBG) was in focus among investors yesterday after it made an announcement with regards to the latest distribution agreement that it had signed.
Market Action
On Tuesday, SLBG stock ended lower by 4.60% at $2.08 with more than 5.6K shares, compared to its average volume of 17.65K shares. The stock has moved within a range of $2.0800 – 2.1800 after opening trade at $2.12.
Slinger Enters Poland with New Distribution Agreement
However, that announcement did not come as a boost for its stock, which continued to slide and ended the day with a decline of 4.50%. The decline on Tuesday took the cumulative losses made by the Slinger stock to as much as 10% for the past week. Yesterday, the company announced that is inked a partnership agreement Framework Sports, which will help the company in taking the Slinger Bag product to Poland.
Framework has established a Polish subsidiary recently and this agreement is with that subsidiary company. It goes without saying that it is a significant development for Slinger considering the fact that it is going to further expand its foot print at the international level.
In recent times, the company has continued to expand aggressively owing to the signing of a number of important distribution deals. However, the market did seem impressed with the latest deal and it now remains to be seen if the Slinger stock can make a recover over the course of the coming days.
Key Quote
“We are thrilled to be expanding on our relationship with Slinger,” said Mark Jarvis, the Chairman of Framework Sports Poland. “We have had great success with introducing the Slinger brand and Slinger Bag to the UK tennis market and look forward to applying our experiences to Poland and its growing tennis market. We are also thrilled to be working with Jarek Duda, an expert on all things tennis in Poland, including previous Davis Cup experience having worked with the Polish team.”
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