Tonner-One World Holdings Inc (OTCMKTS: TONR) was a big disappointment last week, tanking by about 15%. The stock has lost more than 33% in market value from all-time highs as a pullback from 52-week highs continues to gather steam. The pullback comes as a surprise as the company has provided a string of updates in recent days affirming long-term prospects.
On Friday, TONR stock lost 4.76% to $0.0080 with 60.83 million shares, compared to its average volume of 221.49 million shares. The stock has moved within a range of $0.0072 – 0.0084 after opening trade at $0.0080.
The board of Directors has confirmed plans to transform Tonner-One World Holdings’ core business in the recent past. Part of the plan includes positioning the company to focus on acquisitions and operation of business and assets in the fast-growing FinTech growth industry.
Tonner-One World Holdings is reportedly reviewing merger and acquisition candidates in the burgeoning cryptocurrency space as well as the Decentralized finance and Fintech industry. The push into the burgeoning segments is part of Tonner-One World Holdings’ push to uncover new growth opportunities and grow shareholder value.
With the transition, Tonner-One World Holdings is to abandon its doll-making business model that has been the main driver of value over the years.
TONR stock is trading below the 20-Day and 50-Day Moving averages of $0.0096 and $0.0098 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0032. The stock is down 33% over the past month.