There were many stocks which fell sharply on Monday and one of those was that of SEATech Ventures Corp (OTCMKTS:SEAV) stock, which ended up with a decline of as much as 27% amidst a heavy selloff. In this situation, it may be a good idea for investors to consider taking a look at the development from yesterday that actually led to the decline.
Market Reaction
On Monday, SEAV stock slid 27.22% to $1.23 with more than 5.7K shares, compared to its average volume of 680 shares. The stock moved within a range of $1.2300 – 1.3000 after opening trade at $1.80.
SEATech Ventures Corp Is Hunting for the Next Tech Unicorns
The company announced yesterday that it had decided to go into a partnership with The National Tech Association of Malaysia and help with the organisation of the PIKOM SEADragon pitching sessions. The sessions in question are going to last from April to July this year.
The aim of those pitching sessions is to eventually make a list of the top Malaysian tech startups that could then be sent to a panel of worldwide judges as well as investors. The judges and investors in question are going to be present at the World Congress on Innovation & Technology (WICT) 2022 that is going to be held in Penang in Malaysia. The event is going to begin on September 13 and ended on September 15 2022. It was an important announcement but it did not do much to move the dial for investors and hence, the SEATech Ventures stock suffered from the big selloff.
Key Quote
CEO of SEATech Ventures Corp, Mr Chin Chee Seong said, “The main purpose of the SEADragon program is to identify and develop Malaysia’s next homegrown Tech unicorns, mentor them to pitch to potential local and global investors, and most importantly, provide them with a platform on which they are able to explore international business and market expansion opportunities and help facilitating their growth to be a Unicorn. Furthermore, it is also a golden opportunity for us to show the world including foreign investors the gems that are hidden in the Malaysian Tech industry.”
