The Artificial Intelligence Technology Solutions Inc (OTCMKTS:AITX) stock has been in the middle of a bit of a selloff this morning and gone down by 5% so far. The decline in the stock was closely followed by an announcement from the company about the appointment of Mark Folmer as the Chief Operating Officer and President of its fully owned subsidiary company Robotic Assistance Devices.
The appointment has gone into effect immediately. However, in this regard, it is also necessary to point out that the announcement had been initially made at the end of the RADCON conference that was hosted by Robotic Assistance Devices.
In this regard, it is necessary to note that Folmer had held other positions at Robotic Assistance Devices prior to being appointed in this role. He had been the Vice President of Security and Industry and also the Chief Operating Officer of Robotic Assistance Devices.
After his appointment to the latest role, Folmer is going to be in charge of the company’s administrative groups, sales, operations and manufacturing. An internal appointment is often met by enthusiasm from investors but this appointment form Artificial Intelligence Technology Solutions does not seem to have been welcomed by investors.
As of 10:39, AITX stock fell 5.50% at $0.0556 with more than 30.96 billion shares, compared to its average volume of 51.23 million shares. The stock has moved within a range of $0.0550 – 0.0598 after opening the trade at $0.0596. Over the past 52-week, the stock has been trading within a range of $0.0010 – 0.2899.