PSYC Corporation (OTC:PSYC) Stock On Watchlist After Latest News

If a company makes an announcement about a key new appointment, then it is watched closely by investors more often than not. Hence, it may be the right time to follow PSYC Corporation (OTC:PSYC) a bit more closely. On March 28, the company announced that it had appointed an interim chief executive officer and director in the form of Daniel Jaros. PSYC Corporation stated that the move also signified a strategic change of direction for the wider online gaming space. In the news release, it was noted that Jaros had considerable experience in information technology, with a specialization in the fields of programming, game development, and social media management.

Through the course of his career, he has been involved in a number of technology, gaming, and programming projects, which is why PSYC Corporation held the belief that Jaros had the expertise and skills to shine in the latest role. In this context, it should be noted that since 2020, PSYC Corporation has been involved with the medicinal psychedelic industry by way of its Psychedelic Spotlight platform. In order to facilitate the transition, the company decided to pass on its ownership of the Psychedelic Spotlight platform to its target media partner, The Spore Group.

The strategic move allowed the company to retire as much as $350,000 worth of promissory note debt. Additionally, the company retained an interest of 1.5% in the Psychedelic Spotlight platform. Jaros spoke about his eagerness to oversee the journey of PSYC Corporation into new horizons.

He expressed his excitement about the games that the company’s teams had been working on and about the new direction of the company as well. He went on to note that he had been involved in the mobile development space in the past and knew about the constantly evolving nature of the industry.