Coastal Capital Acquisition Corp (OTCMKTS:CCAJ) Stock Falls On Acquisition News

This past Friday the Coastal Capital Acquisition Corp (OTCMKTS:CCAJ) stock was in the middle of a major selloff and ended up with a decline of as much as 12% as a consequence. Despite the decline, it ought to be noted that on Friday the company actually made a major announcement and it may be a good time to look into it.

Market Action

On Friday, CCAJ stock moved down 11.11% to $0.0064 with 12.70 million shares, compared to its average volume of 3.35 million shares. The stock moved within a range of $0.0058 – 0.0078 after opening trade at $0.0072.

Coastal Capital Acquisition Corp. ($CCAJ) is Discussing the Possible Acquisition of Glow Path Pavers

The company announced that it believes that Glow Path Pavers could be a company that could be worth partnering with. Coastal Capital Acquisition noted that the Florida based company has the product that can enhance the looks of any property and at the same time help in deterring criminals.

In that regard, Coastal Capital Acquisition cited a study which revealed that overnight lighting in New York had helped in slashing index crimes by as much as 39%. Additionally, lighting had also helped in reducing crime by as much as 7% irrespective of the time of the day.

Glow Path Pavers actually owns a patent related to these pavers and hence, Coastal Capital Acquisition believes it could be a partnership worth exploring. It may now be a good time to keep an eye on the stock.

Traders Note

PRPI stock is trading below the 20-Day and 50-Day Moving averages of $0.16 and $0.15 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 47.

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