Mobile application aggregator and software developer AppSwarm Corp (OTCMKTS:SWRM) did not have a good time in the markets this past Friday and ended the day with losses of as much as 14%. There was no news about the company on Friday but the company did make a major announcement back on August 16.
The company revealed that it appointed AI Venture Tech Inc as its main strategic advisor with regards to Tulsa Labs. AI Venture Tech is going to be responsible for the formation of a new management team that is going to oversee the highly advanced technology project at Tulsa Labs.
That announcement from the company was a major one and must have been noticed by both investors as well as market analysts. The new team at the company is going to oversee the appointment of project managers who are going to be responsible for some of the key departments related to commercial research.
The areas in which commercial research is going to be conducted include space applications, data consulting and blockchain development among others. However, that is not all. It was also announced that AppSwarm would be looking into alternative sources of funding like public grants.