Flowr Corp (OTCMKTS:FLWPF) Stock Drops After Issuing Business Update and Leadership Transition
Flowr Corp (OTCMKTS:FLWPF) dropped 5%, but the stock was up 20% last week. The company announced the resignation of Darryl Brooker as its CEO effective immediately and the appointment of Tom flow as interim Chief executive.
Market Stats
On Friday, FLWPF stock fell 5.75% to $0.0455 with more than 2K shares, compared to its average volume of 66K shares. The stock moved within a range of $0.0432 – 0.0480 after opening trading at $0.0480.
The Flowr Corporation Announces Business Update and Leadership Transition
In a statement, Brooker said that it was tough leaving Flowr, but he now wants to focus on pursuing other personal opportunities. However, he added that he is impressed by the management team’s performance in the past ten months regarding innovation, production, new strains, and focus towards profitability in 2022.
A statement from the company indicated that Flow, who is the founder and former CEO of Flowr, will take over on an interim basis. His intimate knowledge of the company will help the company through the transition period. In addition, the Board of Directors of the company will offer more support to management during the transition. In Q3, the company reported net revenue of 42.5 million with a net loss of $9.2 million. So in the coming months, investors should keep an eye on FWLPF.
Traders Corner
FLWPF stock is trading below the 20-Day and 50-Day Moving averages of $0.0487 and $0.0512 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0934.
