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The company also completed the acquisition of a controlling stake of WHE Agency on July 20. While these developments, in part, helped the stock surge 9.5% over the past month, the stock hit its $7.80 intraday high on July 13, driven by a short-squeeze caused by Redditors’ interest in it. However, the stock has declined 57.2% since hitting its recent high and 30% over the past six months to close yesterday’s trading session at $3.34.
CRTD is now phasing out duplicate outsourced consulting support and completing its permanent internal infrastructure. The company has not been able to generate any profit in the past 12 months. Furthermore, its average monthly cash burn during the first quarter (ended March 31, 2021) was roughly $1.80 million, representing an increase of approximately $1.30 million over its year-ago average monthly cash burn. So, CRTD’s near-term prospects look bleak.
