Shares of Energy Services of America Corporation (OTCMKTS:ESOA) have been trading within a narrow range.
Market Reaction
On Thursday , ESOA stock moved up 1.92% to $2.65 with 2k shares, compared to its average volume of 14K shares. The stock has moved within a range of $2.6400 – 2.6500 after opening trade at $2.64.
Energy Services Of America Submits Nasdaq Capital Market ® Application
Contractor and service company operating primarily in mid-Atlantic and Central regions of United States, Energy Services of America Corporation (OTCMKTS:ESOA) on January 27, 2022, announced submitting an application to list common stock on Nasdaq Capital Market.
Energy Services Corporation believes that meeting liquidity, financial as well as corporate governance requirements for listing on Nasdaq Capital will be based on the exchange’s approval. The firm is anticipating a decision on approval during quarter one of the calendar year 2022.
Douglas Reynolds, President said that Energy Services has witnessed significant strides in expansion of its service offering as well as augmenting geographic reach through organic acquisitions and initiatives. Reynolds added that to capitalize on the progress, the firm feels potential uplisting will broaden the appeal of its shares as well as augment the liquidity.
The President added that it is one of the many initiatives that the company is looking to take to augment shareholders’ value.
Energy Services of America Corporation also provides services to customers in petroleum, natural gas, water distribution, chemical, power, and automotive industries. Employing more than 700 employees regularly, the firm’s core values are quality, safety, and production. Energy Services Corporation is looking to take multiple initiatives to ensure shareholder value.
Key Quote
Douglas Reynolds, President, commented on the announcement. “Over the past year, Energy Services has made great strides in expanding our service offering and increasing our geographic reach through organic initiatives and acquisitions.” Reynolds continued, “In order to capitalize on our progress to date, we feel a potential uplisting to the Nasdaq Capital Market® will broaden the appeal of our shares while increasing our liquidity. This is one of several initiatives we are looking to undertake with the goal of increasing shareholders’ value.”
Traders Review
ESOA stock is trading above the 50-Day and 200-Day Moving averages of $2.47 and $2.11 respectively. Moreover, the stock is trading below the 20-Day moving average of $2.78.
