Torque Lifestyle Brands (OTCPK:TQLB) stock is gaining momentum in early trading session on Thursday as the company’s board approved and declared a three-for-one forward split of its common stock in the form of a stock dividend.
Each Torque stockholder will receive a dividend of two additional shares of common stock for each then-held share, to be distributed on July 16, 2021, after market close.
“We have achieved strong momentum in the first half of 2021, and this stock split is another indication of our confidence in our business,” said Leonard K. Armenta Jr., President of Torque Lifestyle Brands. “We continue to see strong sales from our American Metabolix acquisition, and this strategic move will help to improve our capital markets appeal to investors and to pursue our longer-term objective to file a Form 10 and uplist to a national exchange. We are confident in our future growth prospects, and the immediate goal to make Torque shares more accessible to a broader market.”
Market Reaction:
As of 10:59, TQLB stock surged 20% at $0.2525 with more than 1.46 million shares, compared to its average volume of 143k shares. The stock has moved within a range of $0.2100 – 0.3500 after opening the trade at $0.21. Over the past 52-week, the stock has been trading within a range of $0.1210 – 4.7500.
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