Home Equities Score Why Liquid Media Group Ltd. (YVR) stock plummeted on Wednesday?

Why Liquid Media Group Ltd. (YVR) stock plummeted on Wednesday?

Liquid Media Group Ltd. (YVR) shares declined 6.93% in after-market on Wednesday, June 2, 2021, and closed the session at $1.88 per share. YVR’s stock lost 6.48% to close Wednesday’s session at $2.02. YVR shares have risen 23.93% over the last 12 months, and they have moved up by 12.22% in the past week. Over the past three months, the stock has gained 8.60%, while over the past six months, it has added 16.09%.

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Let’s see is there any recent news behind its bad performance on Wednesday?

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Corporate Update

On June 02, 2021, Liquid Media Group Ltd accepted the resignation of Daniel Cruz from his positions on the Board of Directors of Liquid and its affiliates.

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The company also announced the expiry of its letter of intent with CurrencyWorks Inc.

Intention to acquire iNDIEFLIX

On May 10, 2021, Liquid Media Group Ltd signed a letter of intent to acquire iNDIEFLIX Group Inc.

iNDIEFLIX is a global subscription video-on-demand streaming service focused on content with a purpose.

According to the letter, Liquid would acquire iNDIEFLIX for up to 1.67M common shares of Liquid, which are scheduled to be paid out to iNDIEFLIX investors across specific performance milestones in five equal tranches of 333,333 common shares each.

Liquid Media Group Ltd and Insight.TV partnership

On May 04, 2021, Liquid Media Group Ltd and Insight.TV signed a memorandum of understanding following extensive discussions toward a content partnership, leveraging Insight’s 400M+ household reach in 53 countries.

Insight will distribute select Liquid library content across their global distribution network. Furthermore, the companies would collaborate on the development of a new FAST (Free Advertising Supported TV) channel.

New Chief Financial Officer

On April 27, 2021, Liquid Media Group Ltd. appointed Mr. Andy Wilson as the chief financial officer of the Company replacing the Company’s prior CFO, Daniel Cruz.

First Red Carpet NFT Drop

On April 20, 2021, Liquid Media Group Ltd, announced to release its premier Red Carpet NFTsknown as a drop, in May 2021.

Red Carpet NFTs (non-fungible tokens) will be as much about experiences as they are collectibles

$6.0 million registered direct offering of common shares

On March 22, 2021, YVR said that it has accepted the direct offer of $3.35 per share for its 1,791,045 common shares. The YVR will get approximately $6.0 million and it will be used for working capital purposes, expanding existing businesses, debt reduction, capital expenditures, and other general corporate purposes.

The exclusive placement agent for the offering will be H.C. Wainwright & Co.

Distribution agreement with Atari

On March 3, 2021, YVR said that it has signed a distribution agreement with Atari. According to the agreement, Atari VCS PC/console hybrid will get the Liquid Media Group’s video-on-demand distribution platform known as SlipStream. The new Atari VCS is available for preorder. YVR stock jumped significantly after the deal agreement announcement.

Liquid’s deal with Atari is the first step towards the company’s evolution as a solutions-driven business.

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Conclusion

The YVR lost on Wednesday is a bit strange in the absence of any news. We hope that YVR will perform better in the coming days.

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