Earlier in month, it looked like Medbox Inc (OTCMKTS:MDBX) was trying to make a comeback after recording new 52-week lows last month. However, the hopes were smashed by a red trading sessions that almost eroded all the gains the stock made on the charts after avoiding a close at a dime a share.
On Friday, the stock declined over 18% to close the trading session at $0.13. The volume was well above the monthly average share volume, as the excitement related the three-day pop has still not faded away completely. The short-lived gains gave quick traders with a high risk opportunity to make some quick money.
In a recent announcement, Medbox announced that it was separating ways with board member and former CEO Guy Marsala. He received a remarkable severance package, including sixteen monthly payments of $30,000 and also a grant of options to buy up to $335,000 worth of MDBX stock priced at the lowest close recorded in the past two years.
The investors’ confidence also dampened after former Chief Executive Bruce Bedrick sold 60,000 shares in a single trading session, right into the price gain earlier in month, at $0.24 per share.
Upon leaving the company Marsala stated that he was proud to have successfully guided Medbox through a rough patch. The definition of success differs from person to person but it should be noted that during his tenure as CEO, the stock price of Medbox declined from $14 per share to almost a dime in a matter of nearly one year. The company reported $41,000 in 1Q2015 revenue and net loss for the quarter was $4.4 million.
In last trading session, the stock price of Medbox Inc (OTCMKTS:MDBX) gained more than 1% to close the trading session at $0.132. The gains came at a share volume of 2.80 million compared to average share volume of 1.38 million.