Inventure Foods, Inc. (SNAK), a global specialty snack food products company yesterday announced the sale of its frozen division. The frozen division was sold to Oregon Potato Company for $50 million cash.
Inventure Foods, Inc. CEO’s Comments
“We are pleased to enter into an agreement for the sale of our frozen business,”commented Terry McDaniel, Chief Executive Officer of Inventure Foods. “This is a significant second step under our strategic and financial business review. We intend to use the proceeds from the transaction to further reduce our debt and improve our overall financial flexibility in order to allow us to focus on continuing to grow our leading snack business as we finalize our strategic review.” Globe Newswire
SNAK Technical Analysis
SNAK opened trading yesterday at $3.40 which was up from the previous day’s trading close of $3.39. SNAK closed trading yesterday at $3.35 and spiked up aftermarket to $4.00, equivalent to a 19% increase from the closing price. Taking a look at the daily chart we can see the last time SNAK traded above these levels we have to go back to July 6th when it traded at $4.02.
Taking a closer look at the daily chart we can see that before the spike up SNAK had been in an overall downward trend dating back to January 4th when it traded at $9.93. SNAK has a float of 17.51 million shares and traded below the normal daily trading volume on Tuesday.
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