AMPD Ventures (AMPD.CN), is a Canadian company providing cutting-edge performance computing solutions for video game development, esports, film and entertainment, AI, and big data.
Today, the Company announced that it has laid off seven employees at its AMPD Technologies subsidiary effective March 23rd 2023. This represents approximately 60% of the Technologies staff and is the beginning of AMPD’s restructuring and focus on significant expense reductions without impeding its ability to service existing clients and grow its business.
On March 15th 2023, AMPD did say they were committed to reducing monthly expenses and strengthening its endeavour to be cash flow neutral this summer. AMPD will continue to evaluate each business to effectively cut additional costs while maintaining the opportunity for continued growth.
“These layoffs are in no way a reflection of the dedication or commitment to AMPD Technologies from the team members affected and I would like to thank each of them for their contribution made to date,” commented newly appointed CEO, James Hursthouse. “AMPD Technologies has a number of deals in its pipeline, and we are ensuring we can close them and still grow organically in light of the cuts being made.”
AMPD is committed to ensure shareholders are updated regularly as additional cuts are made, and as the Company achieves certain milestones.
The share price of the stock has fallen significantly on the streamlining news. Equity Guru founder, Chris Parry, in the video above steps in to explain the move and why investors should take a long term view of AMPD and its potential.
We had been watching the support at $0.10 with the technical trigger being a close above the downtrend line. We did not get any close above the trendline so there was no trigger from a technical analysis perspective.
Instead, the stock broke below $0.10 and sliced right through previous all time record lows at $0.075. This occurred on the news of AMPD being committed to streamlining and cutting monthly expenses.
AMPD printed new all time record lows hitting $0.03.
We are seeing a range develop here, and $0.05 appears to be near term resistance for the stock. However, there is a large gap from here to the $0.075 zone which is key resistance. From a technical analysis perspective, bulls would want to see a close above $0.075 which would take out resistance and fill the gap.
