Over the course of the past weeks the Healthier Choices Management Corp (OTCMKTS:HCMC) has been in a fair bit of focus among investors after it announced its rights offering.
Last week the company announced the closure of its offering and since then the stock has performed poorly and gone down by as much as 20%. During the subscription period the company had offered its shares for a subscription price of $.0010 a share and that represented a 25% discount when compared to the price of the share in the 5 day WWAP that ended on the expiration date.
It was revealed by the company that the subscriptions rights came up to as many as 27 billion shares of the Healthier Choices Management common stock. The initial estimates have suggested that the company is going to rake in around $27 million from the rights offering.
The final amount that is going to be raked in by Healthier Choices Management is going to be decided after verification and finalisation from the subscription agent. Earlier on there had been confusion with regards to the cut off date for the rights offering after some brokerage houses had indicated earlier dates to their customers. Hence, Healthier Choices Management had to extend the deadline.
Market Reaction:
On Monday, HCMC stock slid 2% to $0.0012 with more than 1.87 billion shares, compared to its average volume of 235.78 million shares. The stock has moved within a range of $0.0011 – 0.0012 after opening the trade at $0.0012. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0065.
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