Red Light Holland Corp (OTCMKTS:TRUFF) stock is moving up nicely in the afternoon session on Wednesday, extending its monthly gain to 27%.
Major Trigger:
Red Light Holland to Host a Live Stream on the Company’s Social Media Handles, Including www.youtube.com/redlightholland at 8:30 am Eastern Time on Thursday, June 17th to Discuss Previously Announced Merger with Creso Pharma and Formation of the HighBrid Lab(TM)
Key Highlights:
- Red Light Holland to Host a Live Stream on the Company’s Social Media Handles, Including www.youtube.com/redlightholland at 8:30 am Eastern Time on Thursday, June 17th
- Creso Pharma and Red Light Holland have entered into a definitive agreement to merge their businesses and create The HighBrid Lab
- The HighBrid Lab is expected to have an implied pro forma equity value of C$347 million (A$371 million) based on the closing price of the shares of Creso Pharma and Red Light Holland on June 15th, 2021
- Transaction results in a reverse takeover of Red Light Holland by Creso Pharma, with an implied premium to Red Light Holland Shareholders of 29.9% based on the 30-day VWAP of both companies as of June 15th, 2021
- Mr. Bruce Linton, leading cannabis and psychedelics entrepreneur, expected to join as Non-Executive Chairman of The HighBrid Lab’s board of directors. Combined Company is expected to have a cash balance of approximately C$45 million (A$48 million), providing considerable financial flexibility to progress its growth strategy
Market Reactions
As of 1:06, TRUFF stock gained by 9% at $0.3040. The stock has traded 627K shares, compared to its average volume of 572K shares. The stock moved within a range of $0.2850 – 0.3422 after opening at $0.3422.
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