Psyence Group Inc (OTCMKTS:PSYGF) (CSE:PSYG) Stock Takes a Hit: Here is Why
Shares of Psyence Group Inc (OTCMKTS:PSYGF) (CSE:PSYG) fell sharply in the previous session.
Market Stats
On Wednesday, PSYGF stock slumped 19.68% to $0.12 with 500 shares, compared to its average volume of 20 shares. The stock moved within a range of $0.1200 – 0.1200 after opening trading at $0.12.
Psyence Group Announces DTC Eligibility Approval in the U.S.
Life science biotechnology firm pioneering use of natural psychedelics in mental health and well-being, Psyence Group Inc (OTCMKTS:PSYGF) (CSE: PSYG) on February 9, 2022 announced that the firm’s common shares are eligible for electronic clearing as well as settlement through Depository Trust Company in the United States.
DTC, subsidiary of Depository Trust & Clearing Corp, manages electronic clearing and settlement of publicly traded companies.
The eligibility incorporates electronic method of clearing securities accelerating receipt of cash and stock, reducing cost. It will also enable stock to be traded over larger selection of brokerage firms by meeting settlement and clearing needs.
Warwick Corden-Lloyd, Chief Financial Officer of Psyence said that the DTC eligibility will simplify trading process in Psyence’s common shares in US.
The CFO said that the company is pleased on becoming DTC eligible and this will simplify electronic clearance for US-based investors. Furthermore, it will augment the investors ability to participate in the firm’s growth. Lloyd added it would help increase the liquidity of stock and expand presence in the US capital markets.
Psycence is life science biotechnology company on Canadian Securities Exchange. The firm works with natural psilocybin products for healing of psychological trauma as well as mental health consequences in case of palliative care.
