What Led To Strong Movement In Esense’s Share Price?

  • Oct 16, 2018 AEDT
  • Team Kalkine
What Led To Strong Movement In Esense’s Share Price?

The shareholders of eSense Labs (ASX: ESE) have something to cheer about as the company has fetched a customer in the UK. The company also reported that it has been witnessing some issues with previous two deals. On 16 October 2018, the company came forward to make an announcement that it has been in close talks with some UK company and that company was in the process of testing eSense’s synthetic cannabis food additives. This process has been going from the past 6 months. The UK client has also placed an order for 7 liters of lemon strain. This could be considered as a positive sign as there is a high probability that the UK client was satisfied in the 6 months process which might have prompted the client to place an order. The investors in the company’s shares were looking for this type of UK deal post the year which was filled with challenges for the company. These challenges reflect instances like the dispute amongst the top management of the company. 

The 4 directors which were based in Israel managed to win the company’s control by defeating the opposite parties which were Israeli as well as Australian people. The difference was of 20 million votes between the team which managed to win. The fight was witnessed during the end of 2017 and continued it early of 2018. The directors of Australia stated that the Israeli board members have been entering such kinds of deals which were not at all beneficial for the shareholders or for the company. On the other hand, the Israeli Directors were of the view that the Australian Directors have to carry out the operations which would benefit them. The Israeli Directors also added that the Australian Directors are working to assume the company’s control.

Coming back to the latest achievement, the management of eSense Labs stated that they are in the process of negotiations with the UK company. However, there is one thing which might concern the investors of the stock. The company also made an announcement that it is facing some difficulties in regard to two deals. One is with the IC Access which is a UAE company and the deal involves consideration amounting to $1.1 million. The second one is with Allor Vaporizers and this deal involves consideration of $US470,000. The company (eSense) announced that the UAE company has not been giving payments to them and they owed a minimum $366,000 before September ends. eSense announced that Allor Vaporizers has given the initial sum amounting to $US85,000 and that the company still owed $385,000.

It seems like today’s news of the UK company has been welcomed by the market players as the stock price witnessed the substantial uptrend on October 16, 2018. The stock ended the session at A$0.065 per share which implies the rise of A$0.028 or 75.676%. The stock currently has a market capitalization of $2.99 million. At the current market price, it can be said that the stock is still trading in the lower range.

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