On Tuesday, Wialan Technologies Inc (OTCMKTS:WLAN) had come into considerable focus among investors following a key announcement and its stock had managed to clock gains of as much as 7% as a consequence.
Market Reaction
On Tuesday, WLAN stock increased 7.58% to $0.0071 with more than 24,78 million shares, compared to its average volume of 15.62 million shares. The stock moved within a range of $0.0060 – 0.0072 after opening trade at $0.0067.
Appointment Of New CEO And Chairman Of The Board Of Directors
The company came into focus yesterday after it announced that it had appointed a new Chief Executive Officer and Chairman of the Board in the form of Tony R McDowell. It was a major new appointment and the price action in the stock was perhaps an indication of what the market thought about it. In this situation, it could be a good idea for investors to perhaps take a look at the credentials of McDowell as an executive.
Prior to joining Wialan, McDowell had served as the Senior Director of Network Engineering and Operations at T Mobile USA. He had been responsible for the regions of South Florida and the Caribbean. He boasts of considerable experience in the telecom sector and on top of that he holds considerable operations experience as well.
On the other hand, McDowell has also built up relationships across the industry which would help in bringing about the necessary growth trajectory at Wialan as the company ties up its expansion plans.
Key Quote
In joining the Company in this leading position, Mr. Dowell said “I am excited to join the team at Wialan Technologies, Inc. at this stage of its growth, with its proprietary patented products, especially its patented street light fixture that can host micro wireless devices, including cellular small cells for cellular operators. This patented technology will substantially improve both connectivity and security in urban areas that presently suffer from insecure and unstable WiFi internet. My focus will be to develop plans to further roll-out this and other innovative WiFi and cellular devices in greater numbers to a variety of city locations, both in the U.S. and overseas, in 2023”.
Technical Data
WLAN stock is trading above the 20-Day and 50-Day Moving averages of $0.0051 and $0.0034 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0026.
