New America Energy Corp (NECA) Stock In Focus After The Recent Fall

The New America Energy Corp (OTCMKTS:NECA) has had a singularly bad time in recent days in the markets and the trend continued on Thursday, as the stock declined by 10.50%. However, in addition to that, it is also necessary to point out that the stock extended its losses for the week so far to as much as 22%.

There has been no news about the company this week so far but last week the company announced the acquisition of the leading kitchen and bathroom cabinets and countertops Third Bench Holdings. It is a significant acquisition for the company since the acquisition of Third Bench is expected to bring in revenues to the tune of as much as $24 million in 2021 alone.

In this regard, it should be noted that Third Bench enjoys a dominant and well established position as the leader in its industry in a particular region. Jeff Cannouse, who is the Chief Executive Officer of New America Energy Group spoke about the acquisition last week as well.

He stated that the acquisition of Third Bench is consistent with the company’s strategy of acquiring companies with considerable cash flows as well as capable management. It remains to be seen if the New America Energy Group stock can mount a recovery this week.