JZZ Technologies Inc. (OTCMKTS: JZZI) is down 32% in a week after the diversified tech firm focusing on digital media and biotech acquisitions connected to human longevity and life extensions announced an agreement with North Brunswick-based DataBoss Inc.
On Monday, JZZI stock fell 2.50% to $0.0039 with more than 3.92 million shares, compared to its average volume of 1.16 million shares. The stock moved within a range of $0.0035 – 0.0045 after opening trading at $0.0039.
JZZ Technologies, Inc. Signs $800,000 Direct Investment Agreement with DataBoss, Inc. Payable in Shubh Coin
As per the agreement, DataBoss will acquire 125 million restricted common shares directly from JZZ Technologies with DataBoss paying $0.8 million in Shubh coin for the shares. It is vital to note that Shubh is an Ethereum Blockchain-based digital token. DataBoss also has the opportunity to buy 75 million additional JZZ common shares for $0.06 a share. All shares will be issued in compliance with Rule 144 and shall be blocked for at least one year.
According to a press announcement on May 3, 2022, JZZ disclosed the licensing of around 12 million video content images for NFT digital artworks creation to DataBoss. The two companies are considering possible strategic collaboration that will benefit the firms. Therefore, investors should keep an eye on JZZI in the coming weeks.
Charles Cardona, Chairman and CEO of JZZ Technologies, Inc. commented, “This direct investment by DataBoss shows the level of confidence that they have in our potential for revenue growth and appreciation of the value of these assets, and beyond. DataBoss is a very forward-thinking company, and its leader, Neel Sawant is a visionary in the crypto space. We feel that this alliance between our companies can grow into a highly profitable, long-term relationship that produces many new and groundbreaking products and services.”
JZZI stock is trading below the 20-Day and 50-Day Moving averages of $0.0043 and $0.0043 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0074.