Over the course of the past month, the City View Green Holdings Inc (OTCMKTS:CVGRF) stock has performed poorly and during that period, it has declined by as much as 15%. However, at the same time, it ought to be noted that on Wednesday, the company was in the news owing to an announcement and it now remains to be seen if it can lead to a reversal in the trend.
Market Action
On Wednesday, CVGRF stock ended flat at $0.0423 with 111K shares, compared to its average volume of 2.8K shares. The stock has moved within a range of $0.0423 – 0.0423 after opening trade at $0.0365.
Announces Extension of Warrant Exercise Period
City View Green Holdings announced yesterday that it was looking to extend the period within which warrant holders could exercise their right to purchase shares. The move is going to have an effect on as many as 6,700,000 share purchase warrants.
In this regard, it should be noted that the holders are entitled to exchange the warrant for a share for only $0.15 each. That being said, it is also necessary to note that the exercise price for the same is going to be stay the same even when the exercise period is extended.
The warrants had been issued back on December 13, 2019 by City View Green Holdings and the expiry date had been set for January 13, 2021 at the time. The company now intends to extend the expiration date to April 30, 2022.
Traders Note
CVGRF stock is trading below the 20-Day and 50-Day Moving averages of $0.0442 and $0.0440. Moreover, the stock is trading is the oversold zone with RSI stands at 22. Key pivot point is $0.0391.
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