Life Clips (OTCMKTS:LCLP) stock is falling on Tuesday following an update from the battery company.
But before that let’s talk about how the stock’s moving today. Shares of LCLP stock are experiencing heavy trading with some 362 million changing hands as of this writing. That’s a massive jump compared to its daily average trading volume of 50 million shares.
It’s also worth pointing out that LCLP is a penny stock with shares trading for around 3 cents today. That opens it up to extreme volatility as investors can easily manipulate it. Retail traders sometimes take part in pump and dumps of similar penny stocks.
Keeping that info in mind, let’s take a look at what has shares of LCLP stock falling today.
- A corporate update from the comes goes over several recent subjects announced by the company.
- That includes its plans to acquire Belfrics to enter the blockchain space.
- That deal was announced last week and the company plans to move forward with it.
- Life Clips also updates investors on its reverse-stock-merger plans.
- It’s looking to consolidate shares of LCLP stock on a 1 for 15 basis.
- The goal is to reduce its stock volume, which is currently at 1,322,822,904 shares.
- It argues that this will increase the share price while opening it up for additional financing and acquisition deals.
- Life Clips also made mention of its Form 1-A for a Regulation A filed at the end of April.
- This is for a stock offering that has yet to be approved or priced.
- The company is planning to use funds from this offering to fuel its acquisition of Belfrics.
LCLP stock was down 26.2% as of Tuesday afternoon but is up 3,912.5% since the start of the year.
Investors looking for more stock market news to sink their teeth into will want to keep reading!
InvestorPlace has the stock news you need and that includes the latest happenings on Tuesday. Among them are covid vaccine stocks on the move, Immunome (NASDAQ:IMNM) jumping on coronavirus treatment news, as well as Neurobo Pharmaceuticals (NASDAQ:NRBO) getting pushed higher by retail traders today. You can get more details about these topics by following the links below!
More Tuesday Stock Market News
- Covid Vaccine Stocks: Why NVAX, OCGN, MRNA and QDEL Are on the Move Today
- IMNM Stock: The Covid Treatment News That Has Immunome Soaring Today
- NRBO Stock: 6 Things to Know About NeuroBo Pharma as Retail Investors Send Shares Rocketing
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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