Branded Legacy Inc. (OTC:BLEG) Stock Gains Momentum: Jumps 20% in a Week
This morning, a number of investors are going to be on the lookout for those stocks that may have come into focus on Tuesday, and one such company could well be the biotech holding company Branded Legacy Inc. (OTC:BLEG). The company announced that it had been successful in getting a line of credit worth $1 million. The line of credit was of the fixed interest variant and was a demonstration of the fact that Branded Legacy sought strategic growth without diluting shareholders’ holdings.
In the news release, the company noted that the move was in alignment with Branded Legacy’s approach to expansion, which was based on discipline. It was also a reflection of the confidence the company had in its fiscal and operational capabilities. The Chief Executive Officer of the company, Dave Oswald, spoke about the latest development. He described the line of credit as pivotal and went on to note that it was going to provide the company with the flexibility to take its operations forward.
He also described it as an affirmation of the company’s commitment to the maintenance of shareholder value. Oswald also stated that it was a strategic choice from Branded Legacy to support its ambitions for growth while maintaining corporate integrity. Additionally, in its quest to further boost shareholder value, the company also retired as many as 1.6 billion shares, and the number of preferred shares was cut down to 3. Steven Augustine, the independent director of the company, noted that the executive team was strongly invested in its future, and that was demonstrated in the unanimous decision against the liquidation of shares.
Additionally, the company also announced plans for an open house at its massive 11,000-square-foot facility that would help interested parties get a closer look at its operations. Branded Legacy noted that further details pertaining to the event would be released in the upcoming weeks.
On October 26, Branded Legacy hit the headlines after it announced that it had been successful in retiring 1 billion common shares. That brought the total number of shares that had been retired to 1.6 billion. At the time, the company announced that it was a significant new milestone in its continuous efforts directed at creating more value for its shareholders. It was also noted that the retirement of those many shares was also a demonstration of the financial stability of Branded Legacy as a company and its long-term aims.
Oswald, the CEO of the company, noted at the time that the decision to retire 1 billion shares was a decisive one in the demonstration of commitment to the shareholders. He went on to note that everyone at the company had complete belief in the strength and potential of the brand. At the time, the company also announced that it had intentions to retire more shares in the following week. The initiative had primarily been put into action to improve the financial structure of Branded Legacy.
