Groove Botanicals (OTCMKTS:GRVE) Stock Takes a Hit: Slumps 45%

Shares of Groove Botanicals (OTCMKTS:GRVE) were the top loser on Thursday on unusual volume.

Market Reaction

On Thursday , GRVE stock slumped 45.43% to $0.0251 with more than 3k shares, compared to its average volume of 2.9K shares. The stock has moved within a range of $0.0251 – 0.0480 after opening trade at $0.0480.

Groove Botanicals, Inc. Retains PCAOB Auditor TAAD, LLP to Perform Fiscal Year 2020 & 2021 Audits

Consumer health products company dedicated to improving people’s health and well-being, Groove Botanicals (OTCMKTS:GRVE), on January 27, 2022, announced the retention of audit services of CPA firm, TAAD LLP, for performing audits of the firm’s fiscal year 2020 as well as 2021 financial statements

The audits will give investors greater transparency, as well as certainty surrounding the firm’s financial reporting besides receiving auditor’s expression on the financial statements for enduring content, is presented properly. Post audit completion, the firm is planning to take the next steps for becoming a complete reporting public company on the OTC market.

Kent Rodriguez, President, and CEO of Groove Botanicals said that Groove is happy on announcing that the firm has retained CPA firm TAAD, LLP for conducting a two-year audit of the financial statements, which should be finished by March 2022.

The CEO added that TAAD is registered with PCAOB as well as AICPA and gives tax, assurance, as well as consulting services to firms planning for an initial public offering or, are already listed.

On completing the audits, Groove would be a fully reporting public company.

Groove Botanicals is focused on creating unique consumer products optimizing human health. Its products contain Curcuma plant-based extracts as well as premium hemp to boost the immune system as well as unlock beneficial properties of its organic plant-based product-based extracts.

Key Quote

Kent Rodriguez, President and CEO of Groove Botanicals, Inc., commented: “Groove is pleased to announce that the Company has retained CPA firm TAAD, LLP to conduct a two-year audit of our 2020 and 2021 financial statements, estimated to be completed by March 2022. TAAD is registered with the PCAOB and the AICPA and provides assurance, tax, and consulting services to companies that are planning to go public or are already publicly traded in the U.S. Upon completion of these audits, Groove will be a fully reporting public company,” concluded Mr. Rodriguez.

Traders Review

GRVE stock is trading below the 20-Day and 50-Day Moving averages of $0.0377 and $0.0383 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0417.


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