The opening of a new outlet can often prove to be a big boost for any company’s stock and that is what happened with the Snakes & Lattes Inc (OTCMKTS:FUNN) stock last week.
On Friday, FUNN stock moved up 6.30% to $0.0186 with more than 1.09 million shares, compared to its average volume of 502K shares. The stock moved within a range of $0.0160 – 0.0186 after opening trade at $0.0169.
Snakes & Lattes Inc. Announces the Opening of the Ninth Brick and Mortar Location in Glendale, California
Last Friday, the stock came into focus among investors and ended the day with gains of as much as 5%. The rally in the stock may have come about due to the announcement made by the company on April 21 with regards to the opening of its latest outlet in Glendale in California. The company announced at the time that it had been successful in completing the acquisition of Gamehaus located in Glendale.
The company closer the aforementioned acquisition by owning the SBA loan. Gamehaus had actually been established back in 2013 and is situated not far from Hollywood. It is a sanctuary for board game enthusiasts where it is possible for people to gather with family and friends.
Gamehaus offers a massive library of board games with the total count being in excess of 1400 titles. It is also an excellent spot where people can enjoy drinks and food while playing board games. It remains to be seen if the Snakes and Lattes stock can continue to add to its gains today.
“I met Terry and Rob back in 2012 and have incredible respect for what they have built. It’s beautiful! We plan to capitalize on this great location in the LA area. It currently holds 100 seats plus a beer & wine license. Plans to further increase capacity by expanding and turning the adjacent space into retail space have started. The search for an experienced Manager has also already commenced. There will be an emphasis on table service to increase ticket value per customer and add flexibility of counter service as well. We are thrilled this will be our first location in California and could not be more excited about this acquisition. It is just an awesome spot for food and gaming!” said Snakes & Lattes Inc. Founder, Ben Castanie.
FUNN stock is trading above the 20-Day and 50-Day Moving averages of $0.0158 and $0.0136 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0154. The stock is up 47% over the past 3-month.