It was quite a tough day in the markets for the Sun Pacific Holding Corp (OTCMKTS:SNPW) stock this past Friday as it suffered from a selloff and went down by as much as 12% as a consequence.
Market Reaction
On Friday, SNPW stock fell 11.76% to $0.0090 with more than 5.15 million shares, compared to its average volume of 4.32 million shares. The stock moved within a range of $0.0085 – 0.0104 after opening trade at $0.0101.
Sun Pacific Holding Corp. Subsidiary Sun Pacific Power Corp and PT. IDN SOLAR TECH sign agreement to help build a US solar panel facility to manufacture up to 1GW of solar panels per year, leading annual revenues to $450 million
There was no news about the company on Friday but few days earlier on April 19 the company had actually made a key announcement. At the time the company announced that its fully owned subsidiary unit Sun Pacific Power Corp had reached an agreement with PT IDN SOLAR TECH. As per the provisions of the agreement, the two entities are going to be involved in developing a solar manufacturing plant in the United States with capacity of 1GW a year.
In that particular project the companies are going to deploy revolutionary technology that had been used in IST quite recently. It was a major new announcement from the company and one that could have a major effect on the long term future of the company. However, it seems that it did not quite move the needle much for the investors and the Sun Pacific Holding stock suffered from a selloff. It remains to be seen if the stock can make a recovery in the coming days.
Key Quote
Nicholas Campanella, CEO of Sun Pacific Holding Corp, stated, “We are excited to work with “IST” in helping with this opportunity in the US. The arrangement with “IST” will help us with sourcing raw materials and provide knowledge for building our facility as well as foster further growth opportunities for our company. We look forward to using the considerable “IST” knowledge and expertise to develop various solar panels and designs that we have been working on for some time. This is projected to lead Sun Pacific to over 450 million in sales at full capacity and the creation of hundreds of jobs with the most advanced technologies to be deployed in the USA.
Traders Review
SNPW stock is trading below the 20-Day and 50-Day Moving averages of $0.0097 and $0.0104 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0144.
