MJTK news today is both good and bad.
I can only imagine the pressure former CEO Michael Tew was placed under when the stock became highly known with the exposure that came in the last several months. With that kind of "unexpected" exposure comes expectations from shareholders that no doubt reached out like back seat drivers do, advising and suggesting what should be done, how to execute it using existing relationships that were discovered, and on what timeframe.
The fact of the matter is, whether it was Michael Tew or not, the company was not prepared and ready to meet the demands and expectations of investors. Thus the failure of the stock to continue performing to the expectations of those who wanted to see a higher valuation. I'm guilty of being a back seat driver for publicly speculating on what I thought could play out for long investors.
The poor thing about today's news is that Michael Tew will unlikely have the chance to directly turn things around as the front man in the spotlight. And that's too bad for him, as he should be the one credited for cleaning up the books.
The positive aspect that I take from today's news is we now have a chance to move forward with a new frontman. In essence, wipe the slate clean and start over. It may be a long uphill climb, but at least the company can start fresh with Patrick Burke at the helm. Until he proves unworthy of turning things around, he is ok in my book, and the hope is that he has a better understanding for how the OTC works, how important it is to communicate with investors when your stock trades on the exchange that it does, and how to execute and implement the Citizen's Toke app into the marketplace in a fast and efficient manner that will appease investors.
Today's news will be digested, and investors will have to wait for clarity on how the company will move forward before the stock price can find its footing again.
Until then, investors are generally set on taking their money off the table due to uncertainty. This is why there's pressure on the sell side today.
Moving forward, I will keep an eye on volume and trading range before making a swing trade entrance again.
Farewell Michael Tew, hello Patrick Burke. The pressure is all yours now to turn things around and leverage whatever relationships MJTK has associations with to get the Citizens Toke platform into the market as quickly and efficiently as possible.
Go MJTK
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