It was not too long ago that the Eline Entertainment Group (OTCMKTS:EEGI) suffered from a pretty strong selloff but on Thursday the stock managed to make an equally strong recovery. As investors flocked to the stock again yesterday, the stock ended the week with gains of as much as 18%.
However, just like it was the case at the time of the decline, there was no news which acted as a trigger for the move in the Eline stock. However, in this regard, it is important to note that some weeks ago the company had become compliant with the rules of the OTC Markets.
In addition to that, Eline Entertainment also appointed a new Chief Executive Officer in the form of Josh Egelston and he had been awarded the much needed access to the OTCIQ. Getting access to the OTCIQ was an important development for the company since it was going to allow Eline Entertainment to submit the requisite documents and eventually get the pink current status.
On the other hand, it is also important for investors to keep in mind that earlier on in 2021, the company had launched a new subsidiary named Innovation Investment Group which runs training centres in the People’s Republic of China.