Claritas Pharmaceutical Inc. (OTCMKTS:KALTF) Stock Gains Momentum: Jumps 6% In a Week
Claritas Pharmaceutical Inc. (OTCMKTS:KALTF) is up 6% in a week. The company has announced its latest registered and information office location, conformed Board of Directors and management, and revealed terms of its initial equity financing tranche expected under the equity financing deal with Ontario-based Alumina Partners Ltd.
Market Stats
On Friday, KALTF stock moved up 2.40% to $0.1715 with 1.1K shares, compared to its average volume of 20K shares. The stock has moved within a range of $0.1599 – 0.1715 after opening trading at $0.1599.
New Registered and Records Office Address
Notably, Claritas’ new records office at 5728 East Blvd. in Vancouver would be used for company registry purposes. Interestingly the company’s main office will continue to be domiciled in San Rafael in California.
The confirmed management team comprises CFO Victoria Rudman and CEO Robert Farrell. Also, the current Board of Directors comprises Prof Salvatore Cuzzocrea, Perenlei Enkhbaatar, and Robert Farrell as the chairman. In addition, the company disclosed an agreement with Alumina Partners LLC’s affiliate, Alumina, a private equity company. Under the agreement terms, Aluminia will offer equity financing of around $5 million for two years at the option of Claritas. Therefore, in the coming weeks, investors should keep an eye on KALTF.
Key Quote
“The advantage of this transaction structure is that the Company will not take down the entire $5 million at this time, while our share price is low, and the Company is undervalued. Rather, in order to minimize shareholder dilution, we will only judiciously access this financing facility over time as funds are required. If, as expected, our share price and valuation appreciates as our drug development milestones are met, we will be issuing fewer shares and warrants per dollar of funding accessed under this facility,” stated Robert Farrell, J.D., the Company’s President and CEO.
Traders Corner
KALTF stock is trading above the 20-Day and 50-Day Moving averages of $0.16 and $0.15 respectively. However, the stock is trading below the 200-Day moving average of $0.36.
