Shares of the Moxian, Inc. (MOXC) stock continued to decline in pre-market today on May 25, 2021. MOXC stock price saw a downtrend of 5.15% to drop at $13.07 a share as of this writing. MOXC stock was gloomy in the previous trading and dropped by 5.81% at closing. Let’s try to understand the reason behind this bearish sentiment.
Moxian, Inc is a Hong Kong-based company founded in 2010 that is operating as a social media platform to integrate business and social media into a single platform.
There is no major culprit behind the falling stock price of MOXC stock. No specific news related to MOXC stock not even in the past two months, no analysts’ downgrades or shrank targeted per share price of the MOXC stock to justify this fall. Sometimes stock price falls due to the announcement of filing against it, but this fall is not justified by this fact. So, it seems that MOXC stock is underperforming despite no specific justifiable reason. This is something confusing for investors eyeing MOXC stock. So, it is better to look at some previous events of the Moxian.
Termination of Merger with Btab Group:
On March 03, 2021, MOXC did announce the termination of its proposed merger with Btab Group Inc by mutual consent. Furthermore, the resignations of Mr. James Tan Meng Dong and Dr. David Cheang Sien Chanwere also announced on that date. Mr. Hao Qinghu is serving as the Chief Executive Officer of the Moxian along with three other board members.
Moxian regained compliance with listing rule:
Back in September of the previous year, Moxian stock received the letter from Nasdaqpursuant to which MOXC stock regained compliance on the listing rule regarding the market value of its listed securities. Prior to this, Moxian stock had a market value of less than $35 million for consecutive 30 days before March 20, 2020, which did not meet the criteria for continued listing on The Nasdaq Capital Market.
MOXC stock is passing through a difficult time as far as market sentiment is concerned and there is no actual reason behind this fall. Hence investors should analyze MOXC stock’s fundamentals, balance sheet, past developments, and future growth before adding it to the portfolio.