Snakes & Lattes Inc. (OTCMKTS:FUNN) Stock Falls After Acquisition News

Shares of Snakes & Lattes Inc. (OTCMKTS:FUNN) closed lower in the previous session.

Market Stats

On Monday, FUNN stock fell 10.53% to $0.0119 with more than 2.11 million shares, compared to its average volume of 886K shares. The stock moved within a range of $0.0117 – 0.0144 after opening trading at $0.0133.

Snakes & Lattes Set to Open its 8th Outlet in Provo, Utah

Snakes & Lattes Inc. (OTCMKTS:FUNN) has acquired Good Move Café in Provo, Utah in an all-cash deal. It is all set to become the newest Snakes & Lattes location. Established in 2017, Good Move Café has made a name for itself by introducing game rentals, retail, and a membership program since opening. It is extremely popular among students and locals.

The influence of the Church of Jesus Christ of Latter-day Saints in the area is quite strong, so the name – Good Move Café – will be retained while operating under the Snakes & Lattes brand. It has over 1000 Google reviews, with an average rating of 4.6. Spanning approximately 4,150 sq. ft, it is an amazing location for patrons to come and have a great time!

Good Move Café represents a one-off from the conventional Snakes & Lattes location and operates slightly different due to local culture. The objective is to integrate it with elements of the Snakes & Lattes brand, such as an official retail/gift shop, rental/delivery activities and a subscription program.

This is the 8th outlet of the company, and one location conversion out of the many they are exploring across the US and Canada. Snakes & Lattes Founder Ben Castanie, looks forward to this conversion becoming an enormous success!

Key Quote

“We have been watching Good Move Cafe since their inception and I’ve always had a lot of respect for them. Good Move Café has grown into a leader, focusing on great food and overall execution. They have done a terrific job running this location and share the same philosophy as Snakes & Lattes. We spoke the same language. It was easy to communicate and see how passionate these guys are. The staff and even the landlord have been very supportive and have been a large part of its success. We look forward to working with them to continue its trend of excellence,” said Snakes & Lattes Founder Ben Castanie.

Traders Corner

FUNN stock is trading below the 20-Day and 50-Day Moving averages of $0.0125 and $0.0118 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0179.


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