Strengthening corporate governance is almost always a good thing for any company but a move to that effect from the global healthcare company Rayont Inc (OTCMKTS:RAYT) did not cause much excitement among investors. In fact the stock traded within a range after the company announced certain changes to its board of directors.
Market Reaction
On Monday, RAYT stock gained 0.52% to $1.95 with 2.5K shares, compared to its average volume of 921 shares. The stock moved within a range of $1.9400 – 1.9500 after opening trade at $1.94.
Rayont Inc Announces changes to its Board of Directors to strengthen its Corporate Governance in line with Best Practices.
The company also announced that it had decided to bring about these changes with the aim of further strengthening corporate governance at Rayont. The changes had been brought about quickly after ReyadFezzani resigned from his position on the board back on April 19 and three days later Lellani Latimer did the same.
Yesterday, Rayont announced the identities of a total of three independent directors who had been added to the board. The three them are Thea Dillon, Jason Sunstein and Mark Van Wyk. On the other hand, DhurataToli was named as an executive director. Toli is going to continue in her role as the Secretary of the Company as well. Although there was no much of a move in the stock, it was a move that could have far reaching effects on the company’s future and hence, it may be a good time to consider adding it to your watch lists.
Key Quote
“We welcome our Independent Directors and additional role for Dhurata to Rayont Inc and look forward to capitalizing on their extensive expertise and deep insight to support our strategic priorities and seek ways to further enhance shareholder value. added Marshini Moodley, President and CEO of Rayont Inc.
Traders Review
RAYT stock is trading above the 20-Day and 50-Day Moving averages of $1.90 and $1.75 respectively. However, the stock is trading below the 200-Day moving average of $2.32.
