This morning, many investors are going to be keeping a close eye on the UMAX Group Corp (OTCMKTS:UMAX) in light of the fact that last Thursday the company’s stock had been a major mover and had clocked gains of as much as 50%.
Market Action
On Thursday, UMAX stock soared 51% to $0.0590 with 2.16 million share, compared to its average volume of 266K shares. The stock moved within a range of $0.0400 – 0.0880 after opening trade at $0.0484.
UMAX Group Corp. – Completion of the Full Acquisition of Funny Media Group
The company came into considerable focus on April 14 after it announced that it had been successful in completing the acquisition of the firm Funny Media Group LLC. It is a limited liability company that is registered in Wyoming but based out of Los Angeles. The company is a full service media producer and runs a talent agency as well. It is engaged in the production of music videos, albums and comedy shows.
UMAX already had a significant stake in the company but last week it completed the acquisition of the rest of the stake in Funny Media Group. In this context, it was also noted that the considerable comedy content library that Funny Media Group owns is expected to help it in creating further value going forward. The investors seemed quite happy at the development and it is now going to be interesting to see if the stock can actually manage to add to its gains going forward.
Key Quote
Mr. Fletcher stated…” Acquiring the balance of the ownership equity of Funny Media Group was a smart move we have been considering since the Company initially purchase controlling interest. The library of comedic content that Funny Media Group continues to develop will only increase in value as its operations moves forward. In passing, this new transaction we completed was completed exactly like the initial transaction in May 2021 by using the use of our Series “B” Preferred Stock to not immediately dilute our Common Stock stockholders.”
Traders Note
UMAX stock is trading below the 50-Day and 200-Day Moving averages of $0.0822 and $0.1035 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 47.
 Stock Soars 50% After Completing Acquisition of Funny Media Group){kind=link}