UMAX Group Corp (OTCMKTS:UMAX) Stock Surges 25% In a Week: What’s The Buzz?

January 6, 2022January 6, 2022 Madison Hall OTCMKTS:UMAX, UMAX, UMAX Group Corp. (OTCMKTS:UMAX), UMAX news, UMAX stock

Shares of UMAX Group Corp (OTCMKTS:UMAX) have been trending higher over the past week with a gain of 25%.

Market Stats

On Wednesday, UMAX stock jumped 8.40% at $0.0997 with more than 410k shares, compared to its average volume of 37k shares. The stock has moved within a range of $0.0900 – 0.1450 after opening trading at $0.0920.

Lowers Authorized Common Stock

Nevada corporation UMAX Group Corp (OTCMKTS:UMAX) on January 5, 2022, announced filing amended articles of incorporation with the State. Through this, the firm has lowered the authorized common stock to 500,000,000 from 1,850,000,000 shares earlier.

Mr. Fletcher, President, and CEO said that the company commenced the process of transforming capital structure about a year back and since then has been able to do cancellation of 500,000,000 shares of Common Stock reducing outstanding and issued stock by 89%.

The amended articles of incorporation are the last step in the process and Fletcher opines that the firm will not augment the authorized Common Stock for at least another three years. Furthermore, the CEO opined that this will enable the market capitalization to be in line with the financial performance as well as ensure investors can be assured that no significant dilution would happen in the company.

Fletcher further stated that the company will now be completed focused on growth and Funny Media, Group, LLC, its sole subsidiary and Wyoming corporation, would now be having a number of material events for announcing over the next few months.

Umax Group is also in the last stage of negotiations with a number of business acquisitions and these are intended to acquire positive cash flows facilitating higher revenue potential in short term.

Fletcher added that the acquisitions will spread the risk of its financial performance over several entities.

Traders Corner

UMAX stock is trading below the 10-Day and 20-Day Moving averages of $0.1129 and $0.1002 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1451.

Madison Hall

After graduating from the University of Buffalo, Madison gained a real interest in the markets. She tends to be a swing trader and enjoys Pilates and yoga in her downtime.