The Elixxer Ltd (OTCMKTS:ELIXF) stock may be trading in a range this morning but the company is in the news and investors could do well to take a look at it nonetheless because things may change quickly in the stock market.
Market Action
As of 11:21, ELIXF stock gained 5.50% to $1.10 with 1.1K shares, compared to its average volume of 2.6K shares. The stock moved within a range of $1.1077 – 1.1077 after opening trade at $1.10.
The company announced this morning that it had received a binding offer by way of which it could sell its 18.45% stake in the company Viridi Unit SA to the company Global A Brands. It was a major new announcement from the company and one that could have significant long term effects on the company’s business.
The binding offer that has been received by Elixxer has put a valuation of $1,000,000 on its stake in Viridi Unit SA. While the sale is expected to be a significant one, it did not lead to any more excitement among investors.
However, it now remains to be seen if the Elixxer stock does get any traction from investors through the rest of the day or not. It should be noted that Elixxer currently value the shareholding at 0 on its balance sheet and hence, a sale, if it goes go through is expected to be a significant development.
Traders Note
ELIXF stock is trading above the 20-Day and 50-Day Moving averages of $0.33 and $0.14 respectively. Moreover, the stock is trading in the neutral zone with RSI stands at 48.
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