ARVANA Inc. (AVNI) Stock Makes a Big Move: Still a Good Buy?
ARVANA Inc. (OTCMKTS:AVNI) surged 310% after the company announced a change in control. Alki David acquired control of the company’s voting securities previously held by Altaf Nazerali and two entities he controls (International portfolio Management Inc. and Valor Invest Ltd).
Notably, the change in control became effective on June 30, 2021, as per non-binding agreement terms designed to secure a business or operating asset combination once the term sheet is signed into a definitive transaction.
David took over control of the company’s majority interest after receiving voting securities from Nazerali’s proxies. The mentioned proxies transfer voting control of more than 2.62 million common shares, which is around 57.05% of ARVANA.
The only consideration offered concerning the change of control is David’s payment of $15,000 to ARVANA for use against costs related to disclosure obligations under the transfer of control. Most Importantly, David used his funds to provide the $15,000 consideration. So, in the coming months, AVNI is a stock to watch.
Market Reaction:
On Thursday, AVNI stock soared 309% at $1.84 with more than 439k shares, compared to its average volume of 338 shares. The stock had moved within a range of $0.6201 – 2.7900 after opening the trade at $0.75. Over the past 52-week, the stock has been trading within a range of $0.0850 – 2.7900.
