Medical Care Technologies Inc. (OTC:MDCE) Stock Takes a Hit: Here is Why
Following a major new update from the company this week, the Medical Care Technologies Inc. (OTC:MDCE) stock suffered from a strong selloff yesterday. As a consequence, the stock declined by 25% for the day. So, can the stock make a recovery? Read on to know more.
What happened?
On October 17, the company announced that it had launched the strategic plan with regards to cutting down its outstanding share count. In the news release, Medical Care Technologies noted in the first phase it would work on reducing the share count by 200 million shares. It would be the first phase of a number of initiatives from the company’s Chief Executive Officer, Marshall Perkins, to return shares to the Medical Care Technologies Treasury.
The Reason
It was noted that the company’s main priority was towards the concerns of its shareholders. The long-term strategy of Medical Care Technologies would be centered on reducing the share count and astute management of the Reg A offering so as to boost shareholder value. Additionally, Marshall also demonstrated his commitment to the cause by cutting down his own salary to $85,000 from $250,000. The company’s share would be reduced over a period of time so that the whole process remained friendly to the shareholders at large.
Management Comment
“Listening to the concerns of our investors is a top priority,” said CEO Marshall Perkins. “This reduction in shares and the careful management of our future Reg A offering are part of our long-term strategy to drive shareholder value and strengthen our company from top to bottom. We will always adhere to all laws, limits, and regulations while keeping our shareholders informed on major developments during the process.”
Technicals
| +/- EMA(20) | 0.0016 (+12.50%) |
| +/- SMA(50) | 0.0014 (+28.57%) |
| +/- SMA(200) | 0.0031 (-41.94%) |
| 5-Day Perf. | +50% |
| 1-Month Perf. | +38.46% |
| 3-Month Perf. | -25% |
| 6-Month Perf. | -57.14% |
| YTD Perf. | -10% |
| 1-Year Perf. | -18.18% |
| RSI(14) | 54.72 |
| ATR(14) | – |
| ADX(14) | 22.76 |
