EVIO Inc. (OTCMKTS:EVIO) Stock Slumps After Agreement to Sell EVIO Labs Portland
EVIO Inc. (OTCMKTS:EVIO) dropped 33% after announcing the signing of an asset purchase agreement to sell the Portland Analytical Testing Laboratory, Greeenhaus Analytical Labs LLC dba EVIO Labs Portland.
Market Stats
On Tuesday, EVIO stock fell 33.33% to $0.0001 with 273.50 million shares, compared to its average volume of 99.62 million shares. The stock moved within a range of $0.0001 – 0.0002 after opening trading at $0.0002.
EVIO, Inc. Enters into Agreement to Sell EVIO Labs Portland and Exits US Testing Business
The company will sell EVIO Labs Portland assets to Corvallis, Oregon-based PREE Laboratories, for $0.85 million. EVIO’s client base, equipment, operating procedures, and marijuana testing license are among the assets. The Oregon Liquor Control Commission, which oversees the issuing and acquisition of marijuana permits in Oregon, must approve the deal before it can be completed. The transaction’s proceeds will pay off the Oregon operations’ remaining obligations.
EVIO’s Board of Directors, as previously reported, sees a different future for the company. A big part of the goal is to sell its cannabis assets based in the US. Although they agree that cannabis testing is important for consumer security, the cost of operating and maintaining these facilities has continued to outweigh the economic value to stakeholders. So EVIO is worth watching.
Traders Corner
EVIO stock is trading below the 20-Day and 50-Day Moving averages of $0.0001 and $0.0001 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0005.
