Arvana Inc (OTCMKTS:AVNI) on May 19, 2022, announced that it is intending to give about five million shares of common stock in a non-brokered private placement to accredited investors. This would be in the starting phase of the business development strategy.
On Thursday, AVNI stock ended flat at $0.3380 with 10K shares, compared to its average volume of 377 shares. The stock moved within a range of $0.3380 – 0.3380 after opening trade at $0.3380.
Arvana Inc. Announces Business Development Strategy and Private Equity Placement
The company aims to acquire and redevelop undervalued commercial properties, which can be repurposed to realize the hidden value. The focus would be on buying vacant shopping malls, big stores, and underutilized commercial real estate to repurpose for specifically targeted industries.
Ruairidh Campbell AVNI’s chief executive officer said that Arvana is a big platform for rolling up vacant real estate as well as instilling value into empty spaces. The private placement will be closed in the next two months subject to closing conditions and board approval.
The firm is expecting to use net proceeds for the general corporate purpose including the purchase of its first commercial property. The stock sale in the private placement will be given to accredited investors as an exemption from the registration requirements of the Securities Act of 1933.
Arvana is a public company registered under the Securities & Exchange Act of 1934. Bondock LLC had taken a controlling interest in the firm effective May 10, 2022. Implementation of its business development strategy is aimed at transitioning the firm from a “shell company”.
“Arvana is a great platform to roll up vacant or underused real estate, to instill new purpose and value into the many empty spaces that dot our commercial landscape,” said Ruairidh Campbell AVNI’s chief executive officer.
AVNI stock is trading below the 20-Day and 50-Day Moving averages of $0.1884 and $0.1846 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 73.