After yesterday’s sharp reversal, Humbl Inc’s (OTC: HMBL) stock will be in focus today as the company announced important financing news late Wednesday.
The company announced that it has concluded on a $3,000,000 bridge note from Brighton Capital Partners, LLC. Moreover, both the parties have executed an Equity Financing Agreement in which Brighton Capital Partners has agreed to purchase up to $50 million of HUMBL common stock.
As per the company’s press release:- “Pursuant to the Equity Financing Agreement, Brighton Capital agreed to purchase up to $50,000,000 of HUMBL common stock. If HUMBL elects to cause Brighton Capital to purchase shares, the shares will be purchased at a 20% discount. HUMBL will have the right to cause Brighton Capital to purchase shares under the agreement following the effectiveness of an S-1 Registration Statement.”
Traders were nervous on Wednesday as the stock ended lower by 7% at $2.90 after soaring as much as 14.50% earlier in the afternoon session to hit $3.57. Most of the sell-off started at around 2:40 PM ET and within the next 30 minutes, the stock went ugly. It would be interesting to see how the stock would perform today after yesterday’s sudden reversal. Keep HMBL stock on your watchlist as the stock may see a wide swing in coming sessions.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.