Legend Power Systems Inc (OTCMKTS:LPSIF) Stock Falls 13% In a Month: What’s The Buzz

While it is true that the Legend Power Systems Inc (OTCMKTS:LPSIF) stock has been in the middle of a downward spiral over the course of the past month, the company made a major announcement yesterday and it is something investors could look into.

Market Action

On Tuesday, LPSIF stock ended flat at $0.28 with 72K shares, compared to its average volume of 41k shares. The stock has moved within a range of $0.2800 – 0.2800  after opening trade at $0.28.

Legend Power(R) Announces Appointment of New Chief Financial Officer and Corporate Secretary

The company, which is a worldwide leader in the commercial electric systems space, has seen its stock plummet by as much as 13% over the course of the past month. However, yesterday, it was back in focus among investors, after it made an announcement with regards to a new executive announcement.

Legend Power Systems announced that it had appointed Florence Tan as its Corporate Secretary and Chief Financial Officer. The appointment of Tan went into effect yesterday. Tan is a highly experienced executive and has been a chartered accountant in a career spanning in excess of 15 years. While the appointment is certainly an important one, it did not lead to any enthusiasm from investors yesterday.

It now remains to be seen if the stock can manage to garner attention in the coming days or not. Many of the investors in the company are possibly going to be hoping for a quick turnaround in fortunes. 

Key Quote

Randy Buchamer, CEO and President said, “I am very pleased to welcome Florence to the Company. Florence brings great energy and a breadth of experience which will be important attributes during what we expect to be a significant growth period for the Company. The Company also extends its appreciation to Steve Vanry for his dedication and contribution as the Chief Financial Officer, Chief Operating Officer and Corporate Secretary over the last six years. We wish Steve continued success in his future endeavors.”

Traders Note

LPSIF stock is trading below the 20-Day and 50-Day Moving averages of $0.2863 and $0.3159. Moreover, the stock is trading is the neutral zone with RSI stands at 39.

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