Buy It or Sell It? Logiq, Inc. (OTCMKTS:LGIQ)

Logiq, Inc. (OTCMKTS:LGIQ) is trading with a mild fall in the opening session on Monday. The stock has slumped almost 49% over the past month.

Market Action

In the opening session, LGIQ stock is down by 2% at $2.45. The stock has traded 93k shares compared to its average volume of 56K shares.  The stock opened at $2.65 and moved in a range of $2.4000 – 2.7000.

Major Trigger:

Logiq Announces Closing of C$5.9 Million Initial Public Offering in Canada and Begins Trading on the NEO Exchange

Key Highlights:

• LGIQ announced the closing of its initial public offering of 1,976,434 units of securities of the Company (the “Units”) in Canada at a price of C$3.00 per unit for aggregate gross proceeds of C$5,929,302 (the “Offering”). Each Unit consists of one share of common stock of Logiq (a “Unit Share”) and one purchase warrant (each, a “Warrant”).
• Each Warrant is exercisable to acquire one share of common stock of Logiq (a “Warrant Share”) at a price of C$3.50 per Warrant Share for a period of 36 months.
• Logiq’s common stock will begin trading on the NEO Exchange at the opening of the market today under the symbol, LGIQ. It will continue to trade in the U.S. on The OTC Markets under the same symbol.

Key Quote:

“As the premier exchange for emerging growth companies, we see the NEO further elevating our profile in the investment community as a highly-differentiated global provider of e-commerce and fintech solutions for small- and medium-sized businesses or SMBs,” stated Logiq’s president and executive chairman, Brent Suen. “Along with this, we expect the greater liquidity and transparency of the NEO to broaden our shareholder base and significantly enhance shareholder value over the near and long term.”