If a company makes an announcement with regards to the reduction in its debt load then it is almost always seen as a positive by investors and hence, it may be a good time to take a look into BlockQuarry Corp (OTCMKTS:BLQC).
Market Action
On Tuesday, BLQC stock soared 0.54% to $0.1860 with more than 137.75K shares, compared to volume of 172.26K shares. The stock moved within a range of $0.1800 – 0.2100 after opening trade at $0.1999.
BlockQuarry Announces $5 Million in Debt Cancellation, Reduces Overall Liabilities by 30%
The company, which is based out of Texas and is involved in the energy, cryptocurrency mining and infrastructure industries, made an announcement to that effect yesterday. The company announced yesterday in a corporate update that it had been successful in cancelling its debts to the tune of as much as $5 million. The cancellation led to the reduction in the liabilities on the company’s balance sheet by as much as 30%.
However, that was not all. BlockQuarry also announced that it had also been successful in extending the maturity deadlines for its remaining notes which are held by RB Capital Partners, its biggest debt holder. The chairman and president of the company Alonzo Pierce spoke about the latest development as well. He noted that he was highly excited with regards to some of the moves that the company had been able to make with many of its debt holders. He went on to add that these moves were a crucial part of BlockQuarry’s strategy.
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