Australis Capital Inc (OTCMKTS:AUSAF) Stock Resumes The Fall: Falls 38% in a Month
Australis Capital Inc (OTCMKTS:AUSAF) stock continued to move lower on Wednesday. The stock has fallen 38% over the past month.
Market Action
In the previous trading session, AUSAF stock ended lower by 6.13% to $0.1502. A total of 153K shares traded for the session hands, above its average volume of 99k shares. The stock opened at $0.1590 and moved in a range of $0.1502 – 0.1630.
Key Trigger
Australis Provides Commercial Update
Australis Capital Inc announced today that its majority owned subsidiary ALPS has entered into an agreement with Pure Harvest Smart Farms (“Pure Harvest”), the pioneer in controlled-environment agriculture in the Middle East, for the development of a 1,000,000+ square foot, high-tech, fully integrated facility to achieve year-round cultivation of high-quality, fresh fruits and vegetables in Kuwait.
The new facility is a foundational complement to the partnership recently signed between Pure Harvest and The Sultan Center (“TSC”). The Sultan Center (TSC) is the largest independent and publicly traded retailer in the Middle East, serving millions of customers across Kuwait, Oman, Jordan, and Bahrain and others. Pure Harvest and TSC have entered into a multi-year commercial off-take agreement. Under the terms of the agreement, Pure Harvest will be supplying TSC with a broad variety of locally grown, premium-quality fresh fruits & vegetables, serving TSC’s supermarkets across the region.
Trader Notes:
AUSAF stock has underperformed recently with a jump of over 44% over the past 3-month. On the technical basis, the stock is trading below its 50-day and 20-Day SMA stand at $0.18 and $0.17 respectively. Moreover, RSI at 38 signals that the stock is trading near the neutral zone.
