Alternet Systems Inc. (OTCMKTS:ALYI) announced on May 4th, 2022 that electric motorcycle shipments are arriving on schedule in Kenya. This is in regards to a $2 million order received by the company a year back, to deliver electric motorcycles for the local motorcycle taxi market.
Market Reaction
On Wednesday, ALYI stock slumped 9.10% to $0.0060 with more than 10.89 million shares, compared to its average volume of 10.35 shares. The stock moved within a range of $0.0058 – 0.0070 after opening trade at $0.0070.
The electric motorcycle order is specifically aimed for the motorcycle taxi market by providing electric motorcycles to drivers on a lease-to-own contract. The company is now using the Kenyan template in additional regions. A similar contract is expected to be executed by the end of June, in Ethiopia and Brazil.
Alternet Systems has developed a cryptocurrency financing strategy for its EV ecosystem. The lease-to-own terms agreements in Brazil and Ethiopia would include a cryptocurrency payment mechanism. Participation in the company’s EV Ecosystem is facilitated through the sale of Revolt Tokens. Once this cryptocurrency solution is successfully implemented in Brazil and Ethiopia, there are plans to implement it in Kenya as well.
Traders Review
ALYI stock is trading below the 20-Day and 50-Day Moving averages of $0.0072 and $0.0080 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0150.
