Downstream energy and transportation firm Titan NRG Inc (OTCMKTS:TTNN), which operates as a holding company and does business through a range of fully owned subsidiary companies, saw its stock go on a strong rally on Friday.
Market Reaction
On Friday, TTNN stock moved up 14.10% to $0.1540 with more than 31K shares, compared to its average volume of 73K shares. The stock moved within a range of $0.1350 – 0.1540 after opening trade at $0.1350.
Key Details
The stock ended up with gains of as much as 14% and it is likely that it is going to come into focus among investors again this week. The company announced on Thursday that second omnibus motion with regards to the default judgement against the legacy restricted shareholders in Titan had been entered. It had been entered at the 2nd Judicial District Court located in Denver County in Colorado.
The Chief Executive Officer and President of the company Alex Majalca Jr spoke about the situation as well. He noted that the whole process with regards to the filing had taken more time than expected, however, he was quick to add that he was happy at the fact that Titan NRG approaching the conclusion of the whole sage.
He went on to add that significant amount of time and work had been put in for ‘cleaning up’ the share structure that had been in place3 at the company.
Key Quote
“This process has taken some time to complete, and I’m happy that we’re coming close to an end here.” stated Alex Majalca Jr., Titan NRG’s President, and CEO. “A lot of time and work has gone into cleaning up our share structure from previous management, and I am hopeful for a victory from the 2nd Judicial District Court.”
Traders Review
TTNN stock is trading below the 20-Day and 50-Day Moving averages of $0.17 and $0.19 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.26.
