SPOOZ Inc (OTCMKTS:SPZI) Stock Pulls Back Sharply: Down 31%
Shareholders in SPOOZ Inc (OTCMKTS:SPZI) were in for a shock on Tuesday as the stock suffered from a massive selloff and ended the day with a decline of as much as 31%.
Market Stats
On Tuesday, SPZI stock slumped 31% to $0.0031 with more than 202.62 million shares, compared to its average volume of 59.73 million shares. The stock has moved within a range of $0.0026 – 0.0047 after opening trading at $0.0041.
Spooz Enters Strategic Relationship with Crawford Ventures
Considering the sheer magnitude of the drop it might be a good idea to take a look at the announcement from the company yesterday. On Tuesday, the company announced that it had formed an important strategic relationship with the company Crawford Ventures Inc and with Evan Katz, Crawford’s founder. While the announcement did not meet with the approval of investors, it might be a good time to take a look at the nature of the relationship.
As per the provisions of the strategic partnership Crawford Ventures is going to helps SPOOZ with the building, growing, structuring and market investments for the newly formed Spooz Commodity Assets Pool. It should be noted that company’s fully owned subsidiary company Spooz Asset Management is going to be responsible for managing the investments in this particular pool.
Despite the reaction in the markets, it must be noted that the development is an important one of the company and it might be a good idea to keep an eye on the developments before making a decision about the Spooz stock one way or another.
Key Quote
Paul Strickland, Spooz’s CEO, stated that “We are honored and privileged to be represented and working with the very prestigious Evan Katz and Crawford Ventures in this compelling endeavor.” Mr. Strickland added, “Crawford is an industry leading and globally renowned consultant to the alternative asset investment industry, including to hedge funds, private equity funds and other alternative investments, including commodity pools. And Crawford’s founder, Evan Katz, likewise is very well-known and highly respected around the world, and recently was nominated by his industry peers as one of the top fundraisers for hedge funds, in the annual Hedgeweek (Hedgeweek.com) Awards 2021.”
Traders Corner
SPZI stock is trading below the 20-Day and 50-Day Moving averages of $0.0036 and $0.0033 respectively. However, the stock is trading above the 200-Day moving average of $0.0017. The stock is up 93% in the past 3-month.
