Over the course of the past week, the American Power Group Corporation (OTCMKTS:APGI) stock has been in the middle of a heavy selloff and has suffered a decline of as much as 27% as a consequence. In this situation, it may be important for investors to figure out if the stock could actually make a comeback or not.
Market Action
On Monday, APGI stock ended flat at $0.0270 with 87K share, compared to its average volume of 31K shares. The stock moved within a range of $0.0270 – 0.0270 after opening trade at $0.03.
American Power Group Closes $2.46 Million Private Placement With Existing Shareholders
As it happens, the company was in the news yesterday after it announced that it had managed to sell around 98.4 million shares of unregistered common shares to its existing shareholders for total proceeds of as much as $2.46 million.
In this regard, it is also necessary to point out that as much as $2 million worth of shares were bought by people who were either controlled by or associated with the Chairman of American Power Group.
The Chief Executive Officer of the company Chuck Coppa stated that everyone at the company was pleased at the fact that some of the biggest shareholders have continued to show their support for American Power Group. It is now going to be interesting to see if the stock can actually make a comeback of any kind over the course of the coming days.
Traders Note
APGI stock is trading below the 20-Day and 50-Day Moving averages of $0.0313 and $0.0294 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 46.
 Stock Under Pressure After Concluding Private Placement){kind=link}