The wellness industry may have gained considerable popularity among investors in recent times but the natural wellness firm Rapid Nutrition PLC (OTCMKTS:RPNRF) has had a pretty torrid time in the market in recent times. This past Friday the stock suffered from a remarkable selloff and went down by as much as 65%.
Market Action
On Friday, RPNRF stock slumped 67.26% to $$0.0329 with 6.5K shares, compared to its average volume of 14.24K shares. The stock moved within a range of $0.0329 – 0.0329 after opening trade at $0.0329.
Rapid Nutrition Successfully Completes Funding Agreement to Support Accelerated Global Growth
In this situation, it may be a good idea for investors to take a look at the announcement made by the company on Friday. Rapid Nutrition announced that it had inked a financial commitment with the diversified investment group named Negma Group for a financial commitment to the tune of as much as 30 million Euros.
The money is going to be used for further strengthening the balance sheet and for taking care of corporate growth programmes. In addition to that, it is also going to be used for expanding the company’s operations at a global level.
While the announcement was a significant one, it did not lead to any excitement of any kind among investors and the stock suffered from a massive selloff. It is now going to be interesting to see if the Rapid Nutrition stock does manage to make any kind of recovery this week.
Key Quote
“Executing on this strategy will further Rapid Nutritions growth in global markets and online, while supporting sustained worldwide demand for and interest in organic health and wellness products, said Rapid Nutrition CEO Simon St. Ledger. Our board continues to push the boundaries by supporting and leading through innovation in products, business development, partnerships and growth initiatives to strongly support a strong but sustainable growth forward, anchoring future earnings. This funding will also support the groups investor relations initiatives and access to meaningful capital market services and liquidity, with our number-one priority being to enhance shareholder value.
Traders Note
RPNRF stock is trading below the 10-Day and 20-Day Moving averages of $0.1194 and $0.1782 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 43.
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