GenTech Holdings Inc (OTCPink:GTEH) closed Tuesday at $0.0009, up 12.50 percent, ranging between $0.0007 and $0.0009 throughout the day. GTEH stock gained over 28.56 percent in the last month; with average daily volume in excess of 301.86 million shares. Taking a look at three-month performance, GTEH stock gained over 28.57%, while average volume for the stock was 372.47M shares. In the last 12 months, GTEH stock price has gained over 33.33%, reaching a high of $0.0189 with a market cap of $21.73M. On learning that it is changing its name, GTEH stock soared.
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Why is GenTech changing its name?
A publicly traded company, GenTech owns and operates one of the top functional foods brands. Among GTEH’s brands is SINFIT Nutrition, which offers a menu of functional foods of the highest quality. Through its brands American Metabolix, Storm Lifestyles, and Core Natural Sciences, GTEH also provides a variety of nutritional supplements.
GenTech recently announced it has applied to FINRA for a name change to Supplement Group (USA), Inc. and will use the symbol GTEH. In order to align GTEH with its business as a manufacturer of functional foods and nutritional supplements, it is now time to align its corporate branding. GTEH will continue to use the name Supplement Group through 2021 for another company it owns, which has now been absorbed into GenTech as a replacement.
The name change, however, is a simple and straightforward change that clarifies who GTEH is to investors and other interested parties. There are no plans for a corporate restructure, and GTEH has no intention of splitting its stock anytime soon. Since the ‘GTEH’ ticker is favored by the company and its shareholders, the company chose to keep it.
Among the things GTEH announced recently is that it added a major retailer to its Fizzique partner program, as well as achieving record September topline revenue figures. According to the provisional numbers for September 2021, Gross Consolidated Revenues were $217k during the month. A revenue run rate of $2.6m is on track to be produced for the year.
What GTEH has been expecting?
In terms of GenTech (GTEH)’s operating subsidiaries, the company’s management believes their performance is poised for continued growths as a result of increased marketing spend as well as a more favorable operating environment. Among these is the impact of wide distribution of Covid-19 vaccines and the decreased impact of pandemics on fitness and brick-and-mortar facilities, which are believed to indirectly affect demand for GTEH’s products. World trade will begin to operate with a new normal in 2022, resulting in increased revenue as key inventory items, such as bottles, bottle lids, and protein, become more readily available.