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Tag: NextPlay Technologies

  • NextPlay Technologies, Inc. (NXTP) declined after-hours; here is why?

    NextPlay Technologies, Inc. (NXTP) declined after-hours; here is why?

    NextPlay Technologies, Inc. (NXTP) slightly declined in the after-hours. The decline was due to the announcement in its latest press release. NXTP values at around $0.58, losing about 6.5% from the previously closed value. The company’s stock closed at $0.62 in the previous trading hours. The stock volume traded in the last trading session was around 1.82 million shares.

    Ample Health chooses Loongroot of NextPlay Technologies, Inc. (NXTP) for STO

    It was announced today by NextPlay Technologies, Inc. (NXTP) that its licensed Longroot digital token offering platform will act as financial advisor and underwriter for Ample Health’s proposed security token sale (STO).

    Ample Health is a new cannabis business in Southeast Asia that has just launched. NXTP will utilize the cash obtained through the STO to fund further growth and global expansion initiatives within the company.

    Longroot will develop the STO and raise the necessary funds to launch it. It will assist Ample in obtaining regulatory approval, after which it will assist in pricing and launching the STO through the Longroot platform.

    Fortune Business Insights expects the global cannabis industry to grow from $28.3 billion in 2021 to $197.74 billion in 2028, or a tenfold rise.

    The transaction expects to raise between $100 and $250 million. Longroots anticipates receiving a management and placement fee from the gross proceeds of the transaction intends to close in the summer of 2022.

    The effect on the stock decline

    NextPlay Technologies, Inc. (NXTP) declined after this news. The decrease is insignificant, and it may regain its value in the regular trading session. The stock is volatile in these hours as most investors trade in the regular trading session.

    Conclusion

    NXTP may arise in the future because the company is planning to fuel its growth strategies with STO proceedings. The cannabis market is growing globally, and this diversification is a good development in the business.

  • NextPlay Technologies, Inc. (NXTP) stock declined in the Pre-market; here is why?

    NextPlay Technologies, Inc. (NXTP) stock declined in the Pre-market; here is why?

    NextPlay Technologies, Inc. (NXTP) stock declined in the pre-market following its 3rd quarter results announcement. The stock of NXTP was valued at $0.73, losing more than 6.20% from the previously closed value. At the end of the last trading session, NXTP closed at $0.78. The stock volume traded in the previous trading session was approximately 1.84 million shares.

    Fiscal 2022 third-quarter highlights

    • The revenue of NextPlay Technologies was $4.2 million in the third quarter of fiscal 2022. It is an increase of 59% from the previous quarter. In the 3rd quarter of 2021, the revenue was zero.
    • The gross profit of NextPlay Technologies was $2.2 million. The consolidated gross profit improved to 53.5% from 51.9%.
    • NextPlay Technologies reported a strong balance sheet. As of the 3rd quarter, its assets are $121 million, and it has cash and cash equivalent up to $21.4 million.
    • NextPlay Technologies, Inc. (NXTP) has received conditional approvals for insurance and reinsurance licenses. It will enable the company to run digital primary insurance/reinsurance operations.
    • NextPlay Technologies, Inc. (NXTP) has launched NextPlay X Soma Labs; it’s a platform for NFTs and Metaverse.
    • NextPlay Technologies, Inc. (NXTP) also announced the MedTrek Fund. NextPlay will use its blockchain technology to securitize closed-end funds and build medical facilities.
    • NextPlay Technologies, Inc. (NXTP) made some changes in the upper management. Jorge E. Miro Hernandez will serve as president and COO of NextBank International. Carla P. Mendez was appointed as a chief administrative officer.

    Effect on the NXTP Stock

    The decline in the stock is not significant. Its value may regain because it might be affected by some external factors. Otherwise, its 3rd quarter reported was strong. In the past few days, NXTP has gained value.

    Conclusion

    NextPlay Technologies, Inc. (NXTP) growth rate is awe-inspiring. Its revenue has increased significantly compared to the 3rd quarter of last year. The gross margin is also very commendable. If the company managed to keep the growth rate consistent, its stock might gain significant value in the future.

  • Fiscal Q3, 2022 Results Announcement: NextPlay Technologies Inc. (NXTP) stock Ascends in the Premarket

    Fiscal Q3, 2022 Results Announcement: NextPlay Technologies Inc. (NXTP) stock Ascends in the Premarket

    On January 13, NextPlay Technologies Inc. (NXTP) revealed its third-quarter 2022, financial results. Consequently, the stock added a huge 46.44% at the last check, in the premarket.

    In the previous trading session, NXTP stock declined by 5.54% at its closing price of $0.6774. Following the announcement, the stock was trading at $0.9920 apiece in the premarket, on Friday.

    NextPlay Technologies Inc., the digital advertising services provider, has a market capitalization of $81.98 million. The 109.25 million outstanding shares of NXTP have declined by 20.81% year-to-date and a huge 72.35% last year.

    NXTP Q3, FY2022 Results

    On Thursday, the company posted the financial results for the quarter ended November 30, 2021.

    In the third quarter of fiscal 2022, the company generated revenue of $4.2 million. This marks an increase of 59% sequentially over the previous quarter while there was no revenue in the same quarter of fiscal 2021.

    Furthermore, the consolidated gross profit was $2.2 million or 53.5% of revenue in the third quarter of fiscal 2022. In comparison, there was none in the year-ago quarter of fiscal 2021.

    Moreover, the net loss in the third quarter of fiscal 2022 was $9.06 million, against $0.5 million in the year-ago quarter. Resultantly, the net loss per basic and diluted share in the Q3 of fiscal 2022 was $0.1, against $5.09 in the Q3 of fiscal 2021.

    Additionally, the operating expenses in the third quarter of fiscal 2022, were $11.1 million, against $0.46 million in Q3 of fiscal 2021.

    NXTP ended the third quarter of fiscal 2022, with cash and cash equivalents of $20.5 million on November 30, 2021. Comparatively, the cash and cash equivalents were $8.9 million on August 31, 2021. The cause of this increase was the completion of an equity offering in the quarter.

    Recent Developments

    Recently, the company appointed Edward “Terry” Gardner, Jr., and Farooq Moosa as independent directors to its board.

    Previously, NXTP also announced the conditional approval of general insurance and re-insurance license application of its NextFin Division. Further, conditional approval was received from Labuan Financial Services Authority (Labuan FSA).

    Labuan FSA is a growing jurisdiction of choice by insurers and insurance intermediaries throughout the world.

    Hence, this licensing enabled Nextplay’s fintech division to institute primary insurance operations, NextShield LTD. In addition, the new insurance initiatives will be led by Todd Bonner, head of NextPlay’s fintech division.

  • NextPlay Technologies Inc. (NXTP) stock Falls Under Corrections After Hours

    NextPlay Technologies Inc. (NXTP) stock Falls Under Corrections After Hours

    On January 11, NextPlay Technologies Inc. (NXTP) stock gained a huge 21.92% during regular trading. Consequently, the stock fell under corrections in the after-hours on Tuesday.

    In the regular session, NXTP stock varied between a high of $0.7848 and a low of $0.6350 at 1.35 million shares. The stock closed the session at $0.7838 with an increase of $0.1409 or 21.92%. Given the huge increase, the stock lost 4.13% in the after-hours due to corrections. Hence, NXTP reached down to $7514 in the after-hours session.

    NextPlay Technologies Inc. is a digital advertising services provider with a market capitalization of $73.49 million. Currently, the company has 114.32 million shares outstanding in the market.

    NXTP Stock Movement

    On Tuesday, NXTP stock added a good value to its per-share price. The stock saw a mild volume of 1.35 million compared to its 65-day average of 6.29 million. While there was no news from the company, it still increased by a good 21.92% on Tuesday. Following the gains, the stock was bound to fall under corrections soon. Hence, NXTP succumbed to corrections in the following session to shed its gain.

    Looking at the bigger picture, the stock has subtracted 11.93% in the past five days and 16,62% last month. Moreover, the stock’s year-to-date loss stands at 8.37% while it lost 69.26% last year.

    Additions to the Board of Directors

    On December 15, the company announced the appointment of two new independent directors to its board. With the addition of Edward “Terry” Gardner, Jr. and Farooq Moosa, the board now has 10 members.

    Mr. Gardner has vast experience of more than 25 years in capital markets, equity research, and investment management. He is a portfolio strategist and an investment manager. Currently, Mr. Gardner is a partner as C.J. Lawrence where he serves as a portfolio strategist, investment manager, and chairman of its Investment Committee.

    Furthermore, Mr. Moosa also brings extensive experience of over 20 years in the field. Currently, he is the president and CFO of Avenir Senior Living. Mr. Moosa has served at various management positions with Echelon Wealth Management, Scotiabank, BMO Capital Markets, and others.

    NXTP’s Q2 FY2022 Highlights

    In the fiscal second quarter of 2022, NXTP reported revenue of $2.6 million (primarily due to acquisitions), while there was no revenue in the year-ago quarter.

    Moreover, the net loss in the Q2 FY2022 was $9.7 million ($0.11/share) against $411,000 ($5.06/share) a year ago.