CB Scientific (OTCMKTS:CBSC) Stock Pulls Back On Profit Booking After The Recent Jump
CB Scientific (OTCMKTS:CBSC) stock was in under pressure as investors preferred to book profit at higher level. The stock has gained 50% over the past week.
Market Action
In the previous trading session, CBSC stock slumped 24% to $0.1650. A total of 59k shares traded for the session hands, compared to its average volume of 24k shares. The stock opened at $0.2170 and moved in a range of $0.1420 – 0.2171.
Key Trigger
CB Scientific, Inc. (CBSC) Announces the Engagement of MaloneBailey, LLP
The company has announced that they have engaged MaloneBailey LLP, a certified public accounting firm in Houston, Texas. MaloneBailey LLP to audit financial statements of CBSC and its subsidiaries, which comprise the year-end balance sheet as of March 31, 2021, and the related statements of income, all of which are to be included in the annual report to be filed by CBSC to OTC Markets, thus qualifying for an uplifting to the OTCQB listing.
The audit will be performed independently by MaloneBailey with the objective of meeting the standards of the Public Company Accounting Oversight Board (PCAOB) (United States) and in accordance with auditing standards generally accepted in the United States of America. The audit also includes obtaining an understanding of the entity and its environment, including its internal control, sufficient to plan the audit and determine the nature, timing, and extent of audit procedures to be performed.
U.S. companies must have independently audited annual financials by a PCAOB auditor to meet the OTC Markets up-listing requirements to move the company from trading on the OTC Pink to the OTCQB (The Venture Market). The audit is expected to be completed within eight weeks.
