Kisses From Italy Inc. (OTCMKTS:KITL) Stock Falls 8% After Announcing New Stock Offerings
Kisses From Italy Inc. (OTCMKTS:KITL) fell 8% in the last session. The company announced a Standby Equity Commitment Agreement on November 29, 2021, plus a registration rights agreement with MacRab LLC. MacRab is a Florida-based limited liability firm.
Market Stats
On Tuesday, KITL stock fell 8.20% at $0.0781 with more than 14.96k shares, compared to its average volume of 47.50K shares. The stock has moved within a range of $0.0780 – 0.0850 after opening trading at $0.0780.
New Offerings
Pursuant to the agreement, Kisses From Italy will be obliged to sell around $7.5 million worth of its common shares to the investor subject to specific limitations. The investor also received a 5-year warrant to acquire an additional; $750,000 common shares with customary anti-dilution provisions and cashless exercise.
According to the terms of the agreement, the investor has the right to acquire around $7.5 million in common shares from time to time for the next two years from November 22, 2021. Interestingly the price per share will be 90% of the average weighted volume average price of commons shares for 60 trading days after the clearing day related to the Put notice Kisses From Italy delivered to the investor. So, investors should watch KITL in the coming weeks.
Traders Corner
KITL stock is trading in neutral zone with the RSI at 40. The stock has key supports at 0.0687, 0.0734, 0.0757 and resistances are 0.0827, 0.0874, 0.0897. The stock is down 11% in the past month.
