There were a number of stocks which had fallen sharply this past Friday and one of those was the American Diversified Holdings Corporation (OTCMKTS:ADHC) stock, which tumbled by as much as 35%.
Market Action
On Friday, ADHC stock fell 34.83% to $0.0029 with 62.79 million shares, compared to its average volume 7.84 million shares. The stock moved within a range of $0.0029 – 0.0056 after opening trade at $0.0048.
American Diversified Holdings Corporation (OTC: ADHC) Reaches Agreement To Acquire Cannabis Innovator And Amazon Vendor Rolls Choice™
In light of such a decline, it might be a good time for investors to consider if the stock is going to continue its descent or if there is a possibility of a bounce back. The company was in the news on Friday after it announced that it tied up an agreement for acquiring the Southern California based cannabis company ROLLS CHOICE. As per the provisions of the agreement, ROLLS CHOICE is going to be a fully owned subsidiary unit of American Diversified Holdings.
On the other hand, American Diversified Holdings would also provide more funding for the purpose of bolstering the inventory and marketing machinery of ROLLS CHOICE.
While the news was a significant one it appears that the acquisition did not meet the approval of the company’s investors and that was possibly the reason behind the sharp selloff. At this point in time, it may be a good idea for investors to keep an eye on the stock and watch for further developments.
Key Quote
“I am very excited about joining ADHC. The company provides a perfect match for growing the Cannabis Adhesive Glue Pen Product line, as well as the many other products I have under development, ” commented Allen Staines, of ROLLS CHOICE™.
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