TheMaven Inc. (OTCMKTS:MVEN) is up 20% in a month. The company held its Annual Stockholders meeting on October 7, 2021, in which stockholders adopted and approved two amendments of TheMaven’s 2019 Equity Incentive plan.
Market Reaction
On Friday, MVEN stock gained 5.26% at $0.50 with more than 27k shares, compared to its average volume of 17k shares. The stock has moved within a range of $0.4500 – 0.5000 after opening the trade at $0.45.
Major News
First, they resolved to increase common stock shares par value $0.01 for each share under the plan by 100 million shares for the aggregate number of 185 million authorized shares. Second, the company also amended the Equity Incentive Plan to make clear that all common stock authorized shares under the plan will be issued according to the exercise of incentive share options, and reissuance of approved common shares forfeited or reacquired by the company is allowed.
On October 13, 2021, TheMaven filed an Amended and Restated Certificate of Incorporation with the State of Delaware Secretary of State to effect the stockholder annual meeting’s amendments. The company seeks to effect the amendment to do away with the cumulative election of directors voting and the amendments to remove the right of shareholders to take action through written consent.So, in the coming weeks, MVEN is worth watching.’
Traders Review
MVEN stock is trading above the 20-Day and 50-Day Moving averages of $0.49 and $0.49 respectively. However, the stock is trading below the 200-Day moving average of $0.68. The stock is up 32% over the past month.
