Stevia Corp (OTCMKTS:STEV) shares have lost 21% in a month. Recently the company submitted a non-binding acquisition after a consumer goods company based in California with several existing goods, revenue, and projected profits.
On Tuesday, STEV stock fell 1.25% at $0.0158 with more than 253.91K shares, compared to its average volume of 6.12 million shares. The stock has moved within a range of $0.0130 – 0.0165 after opening the trade at $0.0130.
Consumers have received the company’s goods well with online reviews. The final purchase agreements and definitive closing of the deal will be subject to due diligence, and currently, there are no guarantees that the seller will accept the current offer.
Once the offer is accepted and the sale finalized, the current Stevia Corp shareholders will own around 90% of the company. The non-binding agreement is in line with the company’s objective of shareholder value creation. Due diligence will entail reviewing of historic marketing budgets, financial, manufacturing processes, repeat purchase numbers, and competitive advantage of the consumer products company. Stevia Chairman and President Kenneth Maciora said they are delighted about the consumer products company’s potential and its produces.Investors should watch STEV in the coming weeks.
STEV stock is trading below 20-Day and 50-Day Moving averages of $0.0163 and $0.0180 respectively. However, the stock is trading above the 200-Day moving average of $0.093. The stock is down 25% over the past month.