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Tag: NXTP stock price

  • 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.