NOHO Inc (OTCMKTS:DRNK) Stock Will Be In Focus After The Recent News
NOHO Inc (OTCMKTS:DRNK) stock will be in focus after the company release a new this morning. The stock has gained over 8% in the past week.
Market Action
On Wednesday, DRNK closed flat at $0.0013. More than 29.22 million shares have exchanged hands, well below its average volume of 66.41 million shares. The stock opened at $0.0012 and moved in a range of $0.0012 – 0.0013.
NOHO, INC. ANNOUNCES ITS INTENT TO RAISE UP TO $20 MILLION THROUGH A REGULATION A TIER II OFFERING
Here are the highlights:
The Company intends to raise up to $20 million through a Regulation A Tier II Offering (“Offering”). The proceeds from the offering will be used for brand development and advertising spend as well as general operations. A portion of funding, if available, will also be reserved for acquisition.
After a previous successful transaction with Continuation Capital for the sale of debt with Sibannac, Inc., the firm is expected to issue NOHO a written Indication of Interest in the Offering up to $8 million. The balance of the raise will be allocated between existing shareholders and other institutional and private investors. The Company will be working with its auditor to complete the necessary audits for the Offering. Offering details, including proposed share pricing, will be disclosed upon filing the registration documents.
While Direct to Consumer remains the primary sales model, as part of the product roll-out plan the Company will be focusing resources in Las Vegas and New York for brand awareness and partnership opportunities. The Company has provided a product development agreement to a Las Vegas-based gaming influencer with a substantial social media following, for a beverage additive. NOHO will handling all formulation and product design responsibility. Consummation of the agreement is expected within a week.
The sample product featured on Twitter is a new formulation in the nootropics category. Nootropics are compounds that enhance cognitive performance. This formulation contains only natural, dietary supplements and would not be subject to FDA approval. The Company will be providing more information on this product in the near future.
Trader Notes:
DRNK stock is trading below all the key moving averages with 50-day and 20-Day SMA stand at $0.0017 and $0.0014 respectively – signaling a weak momentum. Moreover, RSI stands at 40 – giving a neutral sign.
