W Technologies Inc (OTCMKTS:WTCG) Stock Pulls Back a Bit After The Big Rally Earlier This Week
W Technologies Inc (OTCMKTS:WTCG) stock pulled back a bit on low volume on Thursday as investors booked profit after the recent monster rally. Despite yesterday’s fall, the stock is still up 40% over the past week.
Market Action
In the previous trading session, WTCG stock lost 8% to $1.04. A total of 1.4k shares traded for the session hands, compared to its average volume of 2.2k shares. The stock opened at $1.05 and moved in a range of $1.0500 – 1.0500.
Key Trigger
W TECHNOLOGIES, INC. : Changes in Registrant’s Certifying Accountant, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Other Events, Financial Statements and Exhibits (form 8-K)
Effective September 30, 2021, Slack & Company CPAs LLC (“Slack”) resigned as the independent registered public accounting firm of W Technologies, Inc. (the “Company”), in connection with its decision to no longer audit public companies. Slack is the independent registered accounting firm that audited the Company’s financial statements for the fiscal years ended July 31, 2020 and 2019, prior to the closing of the Share Exchange (as hereinafter defined) on July 29, 2021.
As previously reported on the Company’s Current Report on Form 8-K filed on August 4, 2021 with the Securities and Exchange Commission (the “Commission”), on July 29, 2021, pursuant to the terms of that certain Share Exchange Agreement, dated June 15, 2021, by and among W Technologies, Inc., Krypto Ventures, Inc. (“Krypto Ventures”), each of the stockholders of Krypto Ventures (collectively, the “Krypto Ventures Stockholders”), and Aleksandr Rubin as the representative of the Krypto Ventures Stockholders, the Company acquired 102,500,000 shares Krypto Ventures’ common stock, representing 100% of the issued and outstanding capital stock of Krypto Ventures, in exchange for the issuance to the Krypto Ventures Stockholders of 233,474,958 shares of the Company’s common stock (the “Share Exchange”).
As a result of the closing of the Share Exchange, Krypto Ventures became a wholly owned subsidiary of the Company and the business of Krypto Ventures became the business of the Company. Following the closing of the Share Exchange, Slack continued to act as the Company’s independent registered accounting firm. In connection with the Share Exchange, the Company’s fiscal year end changed from July 31 to December 31.
Except as set forth herein, Slack’s report on the Company’s financial statements for the fiscal years ended July 31, 2020 and 2019 did not contain an adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles, except that such report expressed substantial doubt regarding our ability to continue as a going concern.
Trader Notes:
From the technical point of view, WTCG stock looks bearish with the stock trading below its 50-day and 20-Day SMA stand at $1.2286 and $1.2038 respectively. RSI stood at 37 – signals neutral trend.