Leading high end luxury products providing company SFLMaven Corp (OTCMKTS:SFLM) was in significant focus among investors this past Friday and its stock ended up with gains of as much as 25% for the day.
On Friday, SFLM stock gained 25% to $0.0010 with 188.89 million shares, compared to its average volume of 42.63 million shares. The stock moved within a range of $0.0009 – 0.0011 after opening trade at $0.0010.
SFLMaven CEO Returning 300 Million Common Shares to Treasury as Initial Step in New Shareholder Protection Initiative
In this situation, it may be a good idea for investors to take a look at the announcement from the company on Friday that led to the rally. It was announced that Joseph Ladin, who is the Chief Executive Officer of SFLMaven, decided to return as many as 300 million shares of the common stock to the company’s treasury. It was one of the first steps taken by the company as part of its shareholder value protection initiative.
The initiative had been launched recently by SFLMaven. The return to the treasure of so many shares can often come as a boost for the stock and that is what happened with the SFLMaven stock on Friday. The move is squarely aimed at reducing the number of shares in circulation so that the fear of dilution is minimised as much as possible for the shareholders. It is now going to be interesting to see if the stock can manage to add to its gains today.
SFLM stock is trading below the 20-Day and 50-Day Moving averages of $0.0010 and $0.0011 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0028.