Why did Taoping Inc. (TAOP) stock Slide down on Friday?

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ESTC Stock
ESTC Stock

Taoping Inc. (TAOP) shares were declined 10.99% in after-hours on Friday, July 16, 2021, and closed at $3.32. Earlier in the morning session, TAOP’s stock lost 4.11% to close Friday’s normal session at $3.73 per share. The stock volume remained 0.12 million shares, which was lower than the average daily volume of 0.26 million shares within the past 50 days. TAOP shares have risen 59.36% over the last 12 months, and they have moved down 11.61% in the past week. Over the past three months, the stock has lost 37.21%, while over the past six months, it has slid down 21.50%.

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Registered Direct Offering of Ordinary Shares

On July 12, 2021, Taoping Inc entered into a securities purchase agreement with certain investors.


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The Company agreed to sell to the Investors an aggregate of 1.2 million ordinary shares at a purchase price of $4.15 per share in a registered direct offering.

The Company will also sell and issue to the Investors warrants to purchase an aggregate 360,000 Ordinary Shares with an exercise price of $4.56 per share within 36 months following the issue date.

The company will get gross proceeds of $4.98 million and will use it for capital and general corporate purposes.

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New appointment

On July 01, 2021, Taoping Inca promoted Huan Li, current director of the Digital Culture Business Division, to concurrently serve as the Company’s Chief Marketing Officer. Mr. Li will oversee all product marketing, brand strategy, direct and digital marketing, data analytics, and marketing operations.

Strategic Cooperation Agreement with ZETDZ

On June 11, 2021, Taoping Inc entered into a strategic cooperation framework agreement with Zhenjiang Economic and Technological Development Zone (ZETDZ) for TAOP’s East China expansion project.

TAOP will set up a wholly-owned subsidiary in ZETDZ with planned registered capital of $30 million. ZETDZ will provide support in project construction, coordination, and operation within the scope of support policies, and will fully assist in the operation and development of TAOP’s East China Expansion Project.

Enhancing the Digital Business Growth

On May 28, 2021, Taoping Inc announced two new high-performance digital server models, GY3070Pro and GY2060S.

Both servers will operate on Taoping’s award-winning smart cloud management platform and can be applied to cloud computing, big data, and other cloud services to facilitate the digital transformation and upgrading of enterprises.

A new subsidiary in Hongkong

On May 19, 2021, Taoping Inc established its majority-owned subsidiary, Taoping Digital Assets (Hong Kong) Limited (“Taoping Digital Assets), to manage Taoping G Cloud Hong Kong Data Center and providing support to the Company’s five business divisions from Hong Kong. Mr. Chi To Ip was appointed as president of Taoping Digital Assets.

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Conclusion

As of this writing, there is no recent news that could justify TAOP poor performance on Friday. we are unable to predict how TAOP will commence the new week.

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