New Generation Consumer Group (NGCG) Stock Falls After The Recent Jump: Now What?

The New Generation Consumer Group (OTCMKTS:NGCG) suffered from a massive selloff yesterday after a key announcement from Elite Beverage International Inc. Earlier on this week, Elite Beverage announced that it was not affiliated to New Generation Consumer Group and that was possibly the reason why the stock tanked by as much as 46% yesterday.

In a sternly worded press release, Elite Beverage noted that it did not enter into any kind of merger or acquisition agreement with New Generation Consumer Group in any shape or form. The company went on to state that it does not have any plans to do any of that either.

The press release from Elite Beverage was sent out in reaction to certain rumours that had been passed around with regards to the acquisition of the company by New Generation Consumer Group.

The information had been going around in the investment community as well and hence, the company decided to issue the press release. The company went on to state that investors should rather check the Elite Beverage website if they are looking for the latest information about the company. Better still they could directly send in an email.

Market Reaction:

On Tuesday, NGCG stock slumped 46% at $0.0185 with more than 34.41 million shares, compared to its average volume of 9.84 million shares. The stock has moved within a range of $0.0171 – 0.0248 after opening the trade at $0.0248. Over the past 52-week, the stock has been trading within a range of $0.0013 – 0.0929.