Palayan Resources Inc (OTCMKTS:PLYN) stock was in focus as the stock ended sharply higher on Friday without any news. The stock has surged 49% over the past week.
In Friday’s trading session, PLYN stock ended higher by 4.63% at $0.0448. More than 457K shares have exchanged hands, compared to its average volume of 257k shares. The stock opened at $ 0.0400 and moved in a range of $0.0368 – 0.0448.
May 10, 2021 – Palayan Resources Gives Update on Company
Palayan Resources reported that the previously reported joint venture with Provenance Gold Corp. has been rescinded. The rescission was mutually agreed to and requires no further action.
Management recognizes the Company needs to move in a new direction and will pursue acquisition opportunities that will benefit private companies through PLYN’s public status. The benefit to the Company and its shareholders will be from acquisitions based on growth and revenue of targeted acquisitions.
PLYN will be restructured as a holding company seeking transactions on a managed basis, acquiring controlling interests in acquisition targets as subsidiaries of the Company. Using a holding company strategy, the company will be able to mitigate risk while making multiple acquisitions. All targeted acquisitions must be audited or auditable.
The Company will make either majority or minority investments in companies that meet its investment criteria.
As a holding company PLYN will not manufacture anything, sell any products or services, or conduct any other business operations. Its purpose, as the name implies, is to hold the controlling stock or membership interests in other companies.
PLYN stock has outperformed recently with a jump of over 59% in the past month. On the technical basis, the stock is trading above its 50-Day SMA stand at $0.0.342. Moreover, RSI at 68 signals that the stock is trading near the neutral zone.