After a short-term pullback, the stock price of Medbox Inc (OTCMKTS:MDBX) took another hit and made a new low. It touched $0.50 per share, just a notch lower compared to its previous 52-week lowest close. In last trading session, the stock price of MDBX declined more than 3% to close the trading session at $0.500. The stock has registered no major loss or gain in the week, and is trading around the close of last week.
The buzz
Medbox recently informed the addition of Clinton Pyatt to the company’s team. He will serve as Senior VP, Operations and Government Relations. The PR introduced him as the ex-CEO of a publicly traded firm named CORGREEN TECHNOLOGIES HOLDING CORPORATION (OTCMKTS:CGRT). CGRT was listed as Gold Ridge Resources, Inc. at the start of the year. It transformed to operating as grow and retail solution unit providing services to the growing marijuana sector.
Medbox informed that Mr. Pyatt joined CorGreen back in 2012. The company has recorded share volume of 805 shares in last two months and is presently delinquent with its SEC filings. It missed the extended deadline given to submit its quarterly report. The earlier available quarterly report reveals that company had $21,000 in cash at end of December 2014. Medbox press release stated Mr. Pyatt as a respected leader in the industry.
The reaction
The market’s reaction after the release of Medbox PR was not encouraging. The stock hardly made any effort to post strong gains and closed with gains of less than 1%. Last Friday, a new Form 4 filing came in Medbox’ feed, which revealed that former CEO Bruce Bedrick liquidated 25,000 shares in the open market. The ex-CEO still holds 2.95 million of company’s shares and so it’s hardly an unexpected event. He sold 25,000 Medbox Inc (OTCMKTS:MDBX) shares a couple of weeks ago.
