Silverback United Inc (OTCMKTS:MLCG) is a stock that could be on the radars of many investors today despite the fact that the stock suffered from a selloff yesterday and ended up with a decline of 6%. Yesterday, the company made a joint announcement along with Spear Point Capital Management LLC that the two would actually host a webinar.
Market Reaction
On Thursday, MLCG stock fell 6.40% to $0.44 with 4.2K shares, compared to its average volume of 4.2K shares. The stock moved within a range of $0.2421 – 0.2421 after opening trade at $0.2421.
Spear Point and Its Data Valuation/Monetization Partner Silverback to Provide Details on Non-Binding Offer to Acquire Rite Aid in the First Data-Backed Leveraged Buyout
At the webinar, the terms in relation to the recent proposal from Spear Point to acquire Rite Aid Corporation and take it private are going to be discussed. The transaction is valued at $3.6 billion and that is also going to be inclusive of operation leases as well as long term debts.
On that note, it was revealed by Spear Point that Silverback was also involved in the process and had also made a preliminary study into the valuation of the Rite Aid. It was concluded that the data from Rite Aid may actually have considerable value. However, the news about the webinar and the involved of the company in a major deal did not cause any flutter among investors. The stock suffered from a selloff and it now remains to be seen if it can claw back.
Traders Review
MLCG stock is trading above the 20-Day and 50-Day Moving averages of $0.40 and $0.38 respectively. However, the stock is trading below the 200-Day moving average of $0.45.
