Allied Energy Inc (OTCMKTS:AGGI) Stock On Watchlist: Company Acquires Majority Stake In WeLife Technology Corp
Although the Allied Energy Inc (OTCMKTS:AGGI) stock was trading within a range on Monday, it is perhaps important for investors to keep in mind that last week there had been a major development with regards to the company.
Market Stats
On Monday, AGGI stock went down 4% to $0.0240 with 4.5K shares, compared to its average volume of 118K shares. The stock moved within a range of $0.0240 – 0.0240 after opening trading at $0.0240.
Key Details
Last week it had emerged that Allied Energy had managed to take up a majority stake in the company WeLife Technology Corp by way of a tender offer. The acceptance period for the same had been closed on February 25, 2022. It was a major development for the company but it did not lead to any major move in the Allied Energy stock.
The acquisition of WeLife could prove to be a significant boost for Allied Energy. At this point in time, WeLife boasts of a minimum of five products which are generating millions of dollars in sales at a global level. Hence, it is going to be interesting to see how the market reacts to this move over the course of the coming days.
At this point in time it may be a good idea for investors to consider adding the stock to their watch lists and watch for the price action.
Key Quote
Dr Michael Borkin, Co-Founder, Sabre Sciences and Endoscreen Laboratories, Chief Scientist, WeLife Technology Corporation – Considered the “Father of Naturopathic Endocrinology”, Dr. Borkin was responsible for establishing the board specialty and authored the first National Board in Endocrinology for the American Naturopathic Medical Certification & Accreditation Board in Washington, DC.
Traders Corner
AGGI stock is trading below the 20-Day and 50-Day Moving averages of $0.0262 and $0.0264 respectively. However, the stock is trading above the 200-Day moving average of $0.0237.
