Suntex Enterprises (OTCMKTS:SNTX) Stock Sees Bearish Move: Down 45% in a Month
Suntex Enterprises (OTCMKTS:SNTX) stock continues to trade in a narrow range over the past few trading sessions. The stock has slumped 45% over the past month.
Market Action
In the previous trading session, SNTX went down 4.64% to $0.1049. A total of 42K shares traded for the session hands, compared to its average volume of 25k shares. The stock opened at $0.0775 and moved in a range of $0.0770 – 0.1100.
Key Trigger
Suntex Enterprises, Inc. Agrees to Acquire CBD Coffee Company
Suntex Enterprises updated shareholders and the public about the Company’s ongoing commitment to advancement and revenue growth.
On Wednesday, October 5th, 2021, Suntex Enterprises, Inc., signed a letter of intent (LOI) with an East Coast based CBD Infused Coffee Company agreeing to acquire the totality of the ongoing operations.
Within the LOI, Suntex Enterprises agrees to complete the due diligence process and fully close and acquire the operations of the CBD Coffee Company within 45 days of the signing. The acquisition target currently wholesales and retails both Whole-Bean CBD Infused Coffee and ground CBD Infused Coffee in multiple blends and multiple package sizes. Currently, the Coffee Company targets a multitude of independent coffee retailers as well as many independent heath food and socially conscious retail outlets. Suntex Enterprises will be assisting the management with resources needed to expand the CBD Coffee operations as well as adding retail revenue by offering the Coffee brands through Budding Botanicals highly profitable on-line retail store.
Key Quote:
Joseph Riccelli, CEO of Innovative Designs, commented, “We are excited to join forces with one of North America’s leading sales agencies. Since signing into this agreement in mid-August, Mr. Shein’s agency has introduced Insultex® to some of the finest clothing manufacturers that exist. These companies have begun developing samples of their 2022 clothing lines using our Insultex®.”
Trader Notes:
SNTX stock is looking mixed as it is trading below 200-Day SMA of $0.11. The stock has lost 50% over the past 6-month. The RSI stood at 49.
