Metatron Inc (OTCMKTS:MRNJ) Stock Falls: To Fully Cancel Reverse Split
Web and mobile technology firm Metatron Inc (OTCMKTS:MRNJ) saw its stock go through a significant selloff yesterday following a key announcement and ended the day with a decline of as much as 20%.
Market Stats
On Monday, MRNJ stock fell 20% to $0.0004 with 622.27 million shares, compared to its average volume of 85.17 million shares. The stock moved within a range of $0.0003 – 0.0005 after opening trading at $0.0004.
Metatron Inc. To Fully Cancel Reverse Split on File and Negotiating 12-Month Favorable Terms with Debtholders
That being said, it is also necessary to keep in mind that the company was in the news yesterday after it announced that it had officially decided to cancel all plans related to the reverse split of its stock. The reverse stock split had been announced previously and had also been filed with the relevant regulatory authorities. However, the announcement was not met with any enthusiasm from investors as the stock went on a downward spiral amidst a selloff.
The company announced that it had discussed the situation with the main debt holders as well as advisors and then decided that it was in the best interests of Metatron to not go ahead with the reverse stock split.
The company announced that it was in the process of preparing documents with the view of informing regulators with regard to this move. That will be the formal request regarding the fact that Metatron would not be going ahead with the reverse stock split.
Key Quote
CEO Joe Riehl stated: “Right on the heels of Metatron achieving a moratorium on conversions and dilution through October 31, 2022, I can proudly say that we have now put to rest any fears of a near-term reverse split. The planned reverse split is being canceled, period. The Metatron executive team has complete confidence in its current business strategy to attract a broader range of new shareholders at the current price levels and believes that with value we are adding and shortly planning to add that our existing share structure makes perfect sense moving into the future.”
Traders Corner
MRNJ stock is trading above the 20-Day and 50-Day Moving averages of $0.0004 and $0.0002 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0003.
