UA Multimedia Inc (OTC: UAMM) ended the last trading session higher by 308.71% to $0.1267. During the trading session, the UAMM stock ranged in price from $0.0417 to $0.1340, while 174.47M shares were exchanged. Yesterday, UA Multimedia released an update which led to the rise in the price of its shares.
What was the update?
With expertise as a solution provider of blockchain, cryptocurrency, fintech, UA Multimedia also specializes in decentralized finance (DeFi). Moreover, UAMM is a holding company that seeks to acquire domestic and foreign competitors in the same category.
UA Multimedia yesterday provided corporate updates and announced it’s near term cryptocurrency business plan.
- Since the market has been unfriendly for cannabis businesses in recent years, UAMM shifted its focus to blockchain technology by the end of 2019 and made it a priority to move forward.
- UA Multimedia’s operation had been minimal until late last year due to the disruption caused by the COVID-19 pandemic in early 2020.
- Management has brought the UA Multimedia current with OTC Markets and filed all late periodic reports to be ready for organic and external growth through mergers and acquisitions.
- Additionally, UAMM has acquired and canceled 70M of its restricted shares, which reduced outstanding stock to 305.6M, reducing its total outstanding shares by 19%.
- It has been experiencing healthy growth since Q4 of 2020 in the cryptocurrency segment.
- In the near future, it is expected that transactions related to Bitcoin will continue to be steady.
- A small crypto exchange, run by a private company, is being acquired by the UAMM for a controlling interest.
- UA Multimedia hopes to fulfill all requirements and attain OTCQB listing as soon as practicable, among other corporate updates to be announced.
- In terms of technology, UA Multimedia offers comprehensive blockchain development services connected to token creation, smart contracts, fintech, decentralized finance (DeFi), and blockchain consultancy services.
- UAMM will be using the ERC-20 standard to create fungible tokens on the Ethereum blockchain, and the ERC-721 and ERC-1155 standard for nonfungible tokens.
- On the corporate front, the UA Multimedia (UAMM) provides assistance with planning, listing, and marketing of token.
- Whenever token sales occur, they are subject to the applicable regional’s mandatory regulations.
