Color Star Technology Co Ltd (CSCW) stock plummeting continues in the pre-market session on Wednesday, April 7, 2021. As of this writing, CSCW has lost 4.97% in the pre-market after it lost -3.59% to close Tuesday’s session at $1.61. CSCW shares rose by 321.36% over the last 12 months, and they have moved up by 20.15% in the past week. Over the past three months, the stock has gained 143.94%.
Let’s try to find out the reason behind its sinking and have a look at the recent developments
Strategic agreement with SDAM
On April 6, 2021, Color Star Technology’s subsidiary Color China Entertainment Limited signed a cooperation agreement with the School of Digital Arts & Media(SDAM).
The Agreement will provide an online learning platform to teachers and students by introducing educational resources from SDAM to Color Star APP. Also, it will help in promoting various professional arts and establish more cooperation between different cultures.
Color Star joins the NFT race.
On March 30, 2021, Color Star Technology Co Ltd. announced that its subsidiary, Color China Entertainment Co. Ltd is developing a non-fungible token (NFT) business for the production, release, and promotion of NFT.
DJ Steve Aoki coming to Color Star APP
On March 25, 2021, Color Star Technology announced that Steve Aoki is coming to Color Star APP on Apr. 23rd. Steve Aoki is one of the world’s top 100 DJ stars, Grammy-nominated DJ, record producer, and record executive in the international electronic music industry. Steve Aoki will be the exclusive DJ on the Color Star APP platform for one month.
Agreement between Doman and Color World APP
On March 16, 2021, Color China Entertainment which is wholly owned by Color Star Technology signed a cooperation agreement with Doman (HK) Ltd. Color World APP will get the blockchain technology support from this cooperation agreement.
Doman is a Hong Kong-based company that provides blockchain technology addressing issues in computing and internet management.
Colour China Entertainment and Hollywood-based Meadow Films LA partnership
On March 11, 2021, Color China Entertainment Company, a subsidiary of Color Star Technology signed a partnership agreement with Meadow Films LA Inc.
The partnership agreement will result in cooperation between both companies to produce and distribute large-screen movies in the international market.
Meadow Films has a strong Hollywood movie business portfolio. the company was founded by Fan Xin who is the present chairman of the company and internationally renowned producer.
Still, there is no recent news to justify its recent loss. If we look in the past, CSCW stock performed well and we are unable to see any obstacle to stop its stock from doing well in the coming days.