Shares of NRP Stone (OTCMKTS:NRPI) ended with double-digit gains of Thursday after announcing a key update.
Market Reaction
On Thursday, NRPI stock moved up 9.53% to $0.0351 with more than 106k shares, compared to its average volume of 82k shares. The stock has moved within a range of $0.0351 – 0.0480 after opening trade at $0.0400.
Announces Preliminary Restructuring of its Corporate Debt in Preparation for Initial Funding
Emerging leader in transforming the space industry, innovative systems for space commerce as well as delivery of earth products, NRP Stone (OTCMKTS:NRPI) on November 17, 2021 announced preliminary restructuring of the corporate debt in preparation for initial funding.
CEO of NRP Stone, Josh Hanes said that the company has achieved its preliminary objectives of starting earth-space commerce. Hanes added that it has prepared the firm to be a suitable candidate for first-round funding.
The firm also renegotiated debt structure with David Clark, a note holder and shareholder, from a series of 8% one-year notes into one single note.
The new note will be due on December 2021 at 0% interest ensuring that the firm will grow operations. The extension of balance will trim its liabilities both in present as well as future.
The debt restructure, along with management success in achieving the initial objectives makes it suitable for direct capital investments. Hanes added that it has proved achieving its initial objectives and ready to proceed into next phase of creating viable space economy in low Earth orbit in 2022.
The firm also secured first-round funding will position the firm to launch next phase of operations, augment shareholder confidence by expanding Uplift’s future products and services.
Key Quote
Josh Hanes, CEO of NRP Stone, observed, “We have accomplished our preliminary objectives of initiating earth-space commerce and have prepared the company to become a desirable candidate for first-round funding.”
Traders Review
NRPI stock is trading below the 20-Day and 50-Day Moving averages of $0.0392 and $0.0426 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1083. The stock is down 30% over the past 3-month.
