Simlatus Corporation (OTC Pink: SIML) primarily operates as a hemp & CBD holding company, which is taking on multiple revenue streams in the growing industry. The company’s subsidiary, Proscere Bioscience, is a manufacturer of the first commercial cold-water CBD extraction system for medical cannabis. Shares of the CBD company are rallying 25%, through early trading on Thursday, June 20, 2019. Over the past month, Simlatus has seen average daily volume of 3.7 million shares. However, volume of 2.23 million shares or dollar volume of $27,206, has exchanged hands through early trading on Thursday.
Shares of Simlatus Corporation are climbing on Thursday, after the company announced that it has repurchased 18,159 shares of Series A convertibles at a price per share of $1.79 from Optempus Investments. This repurchase prevented the conversion of 3.25 million shares of common stock. Furthermore, on June 13, 2019, Simlatus cancelled $2.2 million worth of convertible warrants, which were exchanged for preferred Series C stock at a value of $457,500 and with a six-month holding period. Management also noted that it has taken care of the OTC Markets “shell-risk” notification and is now removed. Here is the full press release detailing of the convertible debt retiring:
Simlatus Corporation Press Release:
SAN FRANCISCO, CA, June 20, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Simlatus Corporation (OTC PINK: SIML) (“Simlatus” or the “Company”), a company that operates multiple revenue streams in the CBD Industry, Major Broadcast Industry and Internet Provider Industry, announces today that Chairman and CEO, Richard Hylen, has provided the following statements.
Richard Hylen, Chairman and CEO, stated, “Simlatus Corporation is no longer considered a Shell-Risk by OTC Markets. The Company’s most recent disclosure statements and Balance Sheet indicate satisfactory revenue and assets. We need to prove to our shareholders and investors a vote of confidence by the Markets and that our Company is on a sound path for the future.
On June 3, 2019 the Company repurchased 18,159 shares of Series A at $1.79 per share from Optempus Investments. This transaction prohibited the conversion of 3,250,000 common shares of stock.
Additionally, on June 13, 2019 the Company cancelled $2,200,000 in convertible Warrants in exchange of Preferred Series C stock having a value of $457,500 and a 6 month holding period with volume restrictions. This exchange and repurchase continues to support our corporate directive to reduce dilution and provide greater returns for the shareholders and investors of Simlatus Corporation.”
Safe Harbor for Forward-Looking Statements: This news release contains forward-looking statements which are not statements of historical fact. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to changes in general economic and financial market conditions. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
The post Simlatus Corporation (OTC Pink: SIML) Climbs 25% After Retiring $1.7 Million in Convertible Debt appeared first on Spotlight Growth.
Source: SpotLight Growth Canabis
Simlatus Corporation (OTC Pink: SIML) Climbs 25% After Retiring .7 Million in Convertible Debt
SpotLight Growth Canabis