Limitless Venture Group Inc (OTCMKTS:LVGI) Stock Moves Down: Falls 50% In a Week
Publicly traded holding company Limitless Venture Group Inc (OTCMKTS:LVGI) has had a forgettable time in the capital markets in the past week and the situation remained the same on Tuesday as the stock sank by another 21% amidst another round of selloff.
Traders Corner
LVGI stock is trading below the 20-Day and 50-Day Moving averages of $0.0150 and $0.0181 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0539.
Limitless Venture Group Inc. Signs LOI to Acquire 100% of Cannabis Grow Operations and Facility in Oklahoma
It should be noted that the selloff in the stock on Tuesday took its losses for the past week to as much as 50%. The company helps investors in getting exposure to medium to small sized businesses that are well positioned to grow rapidly. Yesterday, the company was in focus after it announced that it had inked a letter of intent with regards to the acquisition a grow facility based out of Oklahoma.
The facility in question boasts of both outdoor and indoor operations. The letter of intent makes the facility an exclusive domain on Limitless Venture up until 60 days since the day of the signing.
While it is true that the development could be a significant one for the company, the investors did not see it in the same vein and the Limitless Venture stock suffered from a strong selloff. Currently, it may be a good idea to keep an eye on the stock and watch out for signs of recovery.
Key Quote
Joseph Francella, CEO states “This is a fantastic opportunity for LVGI and its shareholders. 100% of the facility and operations are being offered along with current inventory, which gives LVGI the opportunity to achieve revenues and profitability almost immediately. Additionally, the current staff has indicated that they would like to stay on with the company to help us grow the operations. Since there are tangible assets, LVGI and the seller are pursuing an all cash purchase, with LVGI financing the acquisition.” Furthermore, ” Our institutional investor has already given LVGI a strong indication of interest in assisting with the financing of this acquisition and is planning a trip to Oklahoma in the very near future to view the property first-hand.
Traders Corner
LVGI stock is trading below the 20-Day and 50-Day Moving averages of $0.0150 and $0.0181 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0539.
