One of the stocks which managed to make a big move on Tuesday was that of MHHC Enterprises Inc (OTCMKTS:MHHC), which ended the day with gains of as much as 16%. The company came into sharp focus yesterday after it announced that its management had decided to retire as many as 30,000,000 shares of the MHHC Enterprises common stock.
Market Action
On Tuesday, MHHC stock soared 16.25% to 0.0465 with 70K shares, compared to its average volume of 5.8K shares. The stock moved within a range of $0.0420 – 0.0548 after opening trade at $0.0420.
MHHC Enterprises, Inc. Management Retires 30,000,000 Shares
The move had gone into effect back on March 18, 2022. The company noted yesterday that it had decided to go for this move in order to bring about an improvement in the share structure prior to launching the Reg A offering.
The Chief Executive Officer of the company Frank Hawley noted that the move is going to help with higher investors participation in the Reg A that the company is going to launch soon. In addition to that, a move of this nature is also going to strengthen the position of the existing shareholders of MHHC. Those shareholders will now have a higher base ownership in the company in terms of percentages. At this point, it could be a good move for investors to keep an eye on the stock and watch for further movements in the coming days.
Key Quote
“With management retiring these shares, we hope to allow more investor participation in our Reg-A while giving our existing shareholder base greater ownership of the Company on a percentage basis,” stated Frank Hawley CEO, MHHC Enterprises.
Traders Note
MHHC stock is trading above the 20-Day and 50-Day Moving averages of $0.0385 and $0.0379 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 60.
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