HUMBL Inc (HMBL) Stock Trades Near $1: How to Trade in July?
The HUMBL Inc (OTCMKTS:HMBL) stock has not had a great time over the course of the past week and the trend continued on Tuesday. Yesterday, the stock declined by 3.40% and took its losses for the past week to as much as 16%.
In this regard, it is also necessary to note that yesterday the company also announced that it completed the previously announced acquisition of the Hollywood production studio Monster Creative LLC. However, it seems that the market was not particularly pleased about the acquisition if one goes by the price action in the HUMBL stock.
In order to complete the acquisition, HUMBL paid $7.5 million in the form of convertible debt and a further half a million in the form of non-convertible debt. That made it a deal worth a total of $8 million. In addition to that, it needs to be pointed out that $1.20 per share has been set as the conversion price for the convertible debt.
Despite the reaction from the market, it is necessary to remember that it is a significant acquisition from the company. It is one of the better known creative agencies in the entertainment niche and was founded by well known professionals Kevin Childress and Doug Brandt.
Market Reaction:
On Tuesday, HMBL stock fell 3.40% at $1.04 with more than 5.27 million shares, compared to its average volume of 11.82 million shares. The stock had moved within a range of $1.0000 – 1.1000 after opening the trade at $1.09. Over the past 52-week, the stock has been trading within a range of $0.0002 – 7.7200.
