Pervasip Corp (OTCMKTS:PVSP) Stock Sees Bullish Action After Authorized Share Reduction
Developer of companies and technologies in high-value emerging markets, Pervasip Corp (OTCMKTS:PVSP), owns Artizen Corporation. It also owns a subsidiary, Zen Asset Management LLC, a diversified asset management company focused on acquiring, developing, and supporting companies in the cannabis industry. Zen’s existing clients are operating in four licensed cannabis cultivation as well as a single processing facility in Washington.
Most biomass produced by the independent cultivators have been sold under the Artizen brand, including top-selling products in Washington state. Pervasip also owns 5% of KRTL Biotech, a developer of biotechnologies focusing on pharmaceutical applications of cannabinol and psilocybin.
Market Stats
On Thursday, PVSP stock soared 13.33% to $0.0017 with 124.28 million shares, compared to its average volume of 14.15 million shares. The stock moved within a range of $ 0.0016 – 0.0022 after opening trading at $0.0020.
Pervasip Announces 2 Billion Authorized Share Reduction and no Reverse Splits for 5 Years
Pervasip Corp on July 21, 2022, announced the decision to lower the authorized shares and give fresh guidance on reverse splits. The firm’s board of directors authorized the lowering of the number of authorized shares by two billion. They will file the necessary certificates of the amendment.
German Burtscher, Chief Executive Officer said that it is a significant step as the company is continuously looking at ways to combat the manipulation of the stock. The CEO added that the firm is aiming at augmenting value for shareholders and believes the reduction will ensure enough shares in reserve to undertake the capital needed for raising efforts as well as minimizing dilution amongst shareholders. Furthermore, the firm has announced no reverse splits for the next five years except future uplisting to OTCQX.
Burtscher also said that the company is planning to finish audits and uplisting to OTCQB soon. The company will follow operating plans, restructure as well as generate value for shareholders. The CEO added that a 5-year horizon will cover all eventualities, including equity in the next two years.
Key Quote
“We are still planning to complete our audits and uplist to OTCQB as soon as possible,” continued Burtscher. “In the meantime, we will follow through on our operating plans, continue to restructure, and generate value for our shareholders. Addressing shareholder concerns regarding potential reverse splits has been on our mind for a while. A 5-year horizon will cover all eventualities, including equity that will be seasoned over the next 2 years.”
Pervasip Announces 2nd Quarter Financials
Pervasip Corp on July 18, 2022, announced the filing of the unaudited financial statements for the second quarter ending May 31, 2022. There has been a post-pandemic retraction in the cannabis market on the Westcoast. This has made it challenging for all producers, retailers, and processors.
German Burtscher, Pervasip’s CEO & President said that the systemwide restructuring will strengthen the Artizen flower brand. The CEO added that the aggressive new initiatives have enabled the firm to be in a better position than most competitors.
Pervasip Corp believes that the second quarter financials demonstrate economic realities from higher expenses and material investment into an aggressive market capture plan.
The firm is making additions to key value products to the portfolio and launching a new craft brand in September. In the last 6 months, it has executed the Korea CBD strategy as well as a global initiative called Artizen Wellness besides adding new product lines. These will provide immediate revenue projected to reach $10 – 12 million in annualized sales by year-end. It has already witnessed $2.5 million in annualized revenues already in July 2022.
Traders Corner
PVSP stock is trading below the 50-Day and 200-Day Moving averages of $0.0016 and $0.0018 respectively. Moreover, the stock is trading below the 20-Day moving average of $0.0026.
