Shares of mPhase Technologies Inc (OTCMKTS:XDSL) ended with a mild fall on Monday after soaring 25% last week.
Market Reaction
On Monday, XDSL stock fell 2.44% to $0.2403 with more than 36k shares, compared to its average volume of 215k shares. The stock has moved within a range of $0.2201 – 0.2500 after opening trade at $0.24.
mPhase Signs Agreements to Add 1,440 mPower Sites in Virginia
Technology company developing enhanced electric vehicle charging network as well as consumer engagement platform, mPhase Technologies Inc (OTCMKTS:XDSL) on November 15, 2021 announced signing agreements with Virginia Asian American Store Owners Association, that would add about 1,440 mPower locations in the State of Virginia.
mPower’s ecosystem is designed for creating a beneficial link between retailers and consumers transitioning to an EV-centric future.
Appropriate sites will be added after an assessment period and mPhase will be generating monthly recurring revenue from every member site. Mix of locations will include gas stations, convenience stores, gas stations, restaurants as well as some more businesses focusing on serving mobile consumers.
VAASOA Chairman Minesh Patel said that the company is preparing for transformation that EV would be bringing to most members. Patel added that the flexibility of the platform allows every site to tailor the configuration to suit specific characteristics of their property.
The Chairman further opines that this is critical as members without space can install EV charging for participating in a network supporting the ecosystem.
mPhase CEO Anshu Bhatnagar said that the new announcement compliments earlier announcement in Illinois and Florida and will ensure scalability of the platform. Bhatnagar added that travel and commerce are similar in states or in regions and hence customers face similar issues in each market. He believes that the addition of newer regions will make the ecosystem more powerful benefiting member locations.
Key Quote
“Preparing for the changes that EV will bring is a major topic for our members, so the mPower ecosystem offers us a great solution set that can serve the needs of many different kinds of companies in our association,” said VAASOA Chairman Minesh Patel.
Traders Review
XDSL stock is trading below the 200-Day and 50-Day Moving averages of $0.28 and $0.25 respectively. However, the stock is trading above the 20-Day moving average of $0.22. The stock is up 26% over the past week.
