Core One Labs Inc (OTCMKTS:CLABF) Gains Slightly: Buy, Sell, Or Hold?
Core One Labs Inc (OTCMKTS:CLABF) stock is moving up slightly in the afternoon session on Wednesday, extending its monthly gain to 28%.
Major Trigger:
Core One Labs Plans Share Consolidation in Preparation of Listing its Common Shares on Nasdaq
Key Highlights:
- CLABF advises that in preparation of a potential listing of its common shares on the Capital Market tier of The Nasdaq Stock Market LLC (“Nasdaq” or the “Exchange”), the Company is planning a share consolidation of its outstanding common share capital on the basis of eight (8) pre-Consolidation shares for every one (1) post-Consolidation share (the “Planned Consolidation”).
- As of the date of this news release, the Company has 114,600,611 common shares issued and outstanding. The exercise price and number of common shares issuable upon the exercise of the Company’s outstanding options and warrants would also be proportionally adjusted upon completion of the Planned Consolidation in accordance with the terms thereof.
- The Company is pursuing a Nasdaq listing to enhance its investor profile and increase value for its shareholders. The Company currently has a presence in the United States (“US”) through its recent acquisition of Ketamine Infusions Centers of Texas Inc., and believes a Nasdaq listing will allow the Company to further US business development, both in terms of attracting institutional and retail investors, as well as through possible M & A opportunities that complement the Company’s existing business divisions, with a particular focus on the advancement of the safe medical use of psychedelics for the treatment of mental health and neurological disorders.
Market Reactions
As of 12:30, CLABF stock jumped by 6% at $0.5855. Total volume so far stood at 235K shares, compared to its average volume of 254K shares. The stock moved within a range of $0.5557 – 0.6000 after opening at $0.58602.
