Green Stream Holdings Inc. (OTCPINK:GSFI) Stock Tanks After VGTel Merger Termination
Green Stream Holdings Inc. (OTCPINK:GSFI) remains under pressure, its sentiments having turned sour over the past year. After going down 90% last year, the stock is yet again down by more than 40% year to date as short sellers continue to pile pressure on solar energy solutions provider.
Market Stats
On Monday, GSFI stock went down 7% to $0.0040 with 6.21 million shares, compared to its average volume of 2.56 million shares. The stock moved within a range of $0.0039 – 0.0043 after opening trading at $0.0041.
Green Stream Holdings Inc (GSFI) Announces That It Is Cancelling The VGTL Merger
The catalyst behind the recent sell-off is the confirmation that Green Stream Holdings will no longer merge with VGTel Inc. Consequently, James DiPrima has resigned from the VGTL board. Following the termination of the merger deal, the company is to keep Chuck’s Vintage as a wholly-owned subsidiary.
In addition, Green Stream Holdings intends to roll out Chuck’s Vintage providing shareholders an opportunity to gain exposure to a unit focused on accessories, garments, and complete ensembles from the past.
The company has also rolled out an e-commerce site for Chuck’s Vintage as it seeks to accelerate online sales amid the digital revolution. As a solar utility and finance company Green Stream Holdings is focused on exploiting the unmet market needs in the solar energy space and around Chuck’s vintage.
Traders Corner
GSFI stock is trading below the 20-Day and 50-Day Moving averages of $0.0045 and $0.0048 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0235.
