One of the many companies that started the new week strongly was XCPCNL Business Services Corporation (OTCMKTS:XCPL), which saw its stock end the day with gains of as much as 4%. As it happens, the company was actually in the news yesterday and that was what led to the gains.
Market Reaction
On Monday, XCPL stock moved up 3.40% to $0.0061 with 1.66 million shares, compared to its average volume of 2.99 million shares. The stock moved within a range of $0.0056 – 0.0068 after opening trade at $0.0062.
XCPCNL Business Services Announces Authorized Share Reduction
XCPCNL Business Services is involved in the venture development space and is mainly involved in the consumer products industry. Yesterday, it announced that it had been successful in completing an authorised reduction of its shares. It was a major announcement from the company and such announcements are almost always seen as a positive by investors.
The company noted that it had inked a Certificate of Amendment of Certificate of Incorporation and in that document, it had been stated that the total number of authorised shares that XCPCNL Business Services could issue was 750000 shares. In addition to that, as many as two million shares of the common stock had also been put back into the treasury. The latest announcement could well prove to be a major boost for the XCPCNL Business Services stock and it remains to be seen if the momentum can last over the coming days.
Key Quote
“This is a significant step for us. We are continually looking for ways to combat any manipulation of our stock and increase value for our shareholders. We are doing due diligence on several opportunities in various sectors that we believe we tremendously grow our Company. Once details are finalized, we will be able to share this information with our shareholders,” said CEO Tim Matthews.
Traders Review
XCPL stock is trading below the 20-Day and 50-Day Moving averages of $0.0071 and $0.0081 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0393.
