Novation Companies Inc (OTCMKTS:NOVC) Stock Attempts To Bounce Back After The Recent Downtrend

Novation Companies Inc (OTCMKTS:NOVC) stock was in nice action as the stock closed higher in the previous trading session. The stock has gained 25% over the past week.

Market Action

On Friday, NOVC  stock jumped up by 16.28% at $0.0500. More than 213k shares have exchanged hands, below its average volume of 180k shares. The stock opened at $0.0430 and moved in a range of $0.0415 – 0.0500.

Recent News

Sep 30, 2021, – Novation Holdings, Inc. Announces Engagement of PCAOB Auditor and Accounting Firm in Preparation for Uplisting to OTCQB

Here are the highlights:

Novation Companies announced that it has retained TAAD, LLC, a PCAOB registered accounting and auditing firm to perform an audit of the company’s financial statements for the periods ending August 31, 2020 and 2021. Upon the completion of the audit, the Company intends to file a registration statement to become a fully reporting company with the Securities and Exchange Commission (SEC) and to uplist onto the OTCQB exchange.

TAAD, LLP has extensive experience working with many publicly traded companies and will commence working on the Company’s audit immediately. The process for completion of the PCAOB audit is expected to be finalized by the end of November 2021.

Key Quote:

Michael Gelmon, President and CEO of Novation Holdings, Inc., stated, “This is a major and long-awaited milestone. Completing our 2-year audit and listing on the OTCQB will vastly improve our liquidity potential by greatly expanding the universe of our potential investors ranging from retail and accredited to institutional investors.”

Trader Notes:

NOVC stock has outperformed recently with a jump of over 16% in the past month. On the technical basis, the stock is trading above its 20-Day SMA stand at $0.0.0452. Moreover, RSI at 54 signals that the stock is trading near the neutral zone.