mPhase Technologies Inc. (OTCMKTS:XDSL) Stock Soars 520% YTD: What’s Going On?
mPhase Technologies Inc. (OTCMKTS:XDSL) stock continues to trend lower on Wednesday. The stock has exceptionally well this year with a jump of over 520% year-to-date.
Market Action
On Wednesday, XDSL closed lower by 4.40% to $0.2480. More than 30K shares have exchanged hands, well below its average volume of 106k shares. The stock opened at $0.2403 and moved in a range of $0.2300 – 0.2499.
August 31, 2021 – mPhase Names Three New Independent Board Members
Here are the highlights:
mPhase Technologies announced it has named three new board members: Suhas Subramanyamas, Chet White and Tom Fore as part of a strategic effort to upgrade the organizational structure of the Company. Expansion of the board creates a majority independent board of directors. The new board members each bring specific expertise in business segments that are essential to the success of the mPhase growth strategy.
Suhas is a public servant, lawyer, and technology policy expert who currently represents the 87th District in the Virginia General Assembly, where he was first elected in 2019. He was the first Indian-American elected in Virginia’s history at either the state or federal level.
He also serves on the Virginia Small Business Commission and Virginia Minority Business Commission as well as the Communications, Technology, and Innovation Committee in the House of Delegates. Previously, he served as a technology policy advisor in the White House under President Barack Obama, where he ran a task force on technology policy and advised on Artificial Intelligence, cybersecurity, infrastructure policy, and economic opportunity.
Before joining the White House, he handled a range of technology and trade issues for major U.S. law firms and served as an advisor to Members of the U.S. House of Representatives and U.S. Senate Judiciary Committee. He is a resident of Loudoun County, Virginia and holds a J.D. from Northwestern University.
Key Quote:
“At this early stage in our growth cycle it is important to select active board members who reflect our entrepreneurial culture and can contribute directly to accomplishing our strategic objectives,” explained mPhase CEO, Anshu Bhatnagar. “Suhas has the knowledge and experience to help us forge partnerships with municipal and other government entities in both our 5G and EV channels. Chet is a technology futurist who has contributed important partnerships with leading experts within our mPower ecosystem. Tom has been actively working with international EV companies and major construction projects, giving us dual paths into some important future partnerships. We have a full slate of projects underway and our board members will have a pivotal role in moving those projects forward.”
Trader Notes:
XDSL stock is trading above all the key moving averages with 50-day and 20-Day SMA stand at $0.28 and $0.27 respectively – signaling a strong momentum. Moreover, RSI stands at 47 – giving a neutral sign.