There was no news about the on demand blue collar staffing services company Labor SMART (OTCMKTS:LTNC) last week but there was a slight selloff in the stock nonetheless and there was a 1% decline. In this situation, it might be a good move from investors to take a look at some key developments from the past in order to make their minds up about the company’s prospects.
Earlier on this year in February, it was announced that the company completed the acquisition of Takeover Industries Inc. It was initially announced through the social media platform Twitter on February 28, 2021, which was a Sunday.
However, in addition to that, it is also necessary for investors to note that in order to complete the deal Labor SMART decided to issue as many as 6.8 billion shares of its common stock that are going to be restricted for a period of 12 months.
Takeover Industries is a beverage company but at the time of the acquisition it had not generated any revenues at all. The company noted at the time that Takeover was going to function as a fully owned subsidiary company. The marks the first step towards diversification for Labor SMART.
Market Reaction:
On Friday, LTNC stock fell 1% at $0.0101 with more than 73.31 million shares, compared to its average volume of 118.22 million shares. The stock had moved within a range of $ 0.0095 – 0.0105 after opening the trade at $0.0098. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0875.
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