The Cyberlux Corporation (OTCMKTS:CYBL) stock was back in favour among investors on Monday and managed to clock gains of as much as 35% as investors piled on to the stock in a big way.
While the gains made by the stock may have been considerable, it is also necessary for investors to remember that there was no news about the company that might have led to such gains. However, it should be noted that earlier on in the month on July 9 the company had provided an update to the public with regards some of the initiatives that had been undertaken by Cyberlux Corporation.
One of the key announcements from the company was that it was going to reduce the number of authorised shares once it gets OTC Pink Current status. The company further noted that it is looking to cut down the number of authorised shares from 20 billion to 11.25 billion and eventually to 8.25 billion.
The company went on to state that its management believes that the above mentioned level of authorised shares will provide enough equity by way of which Cyberlux can pursue its growth plans. The stock is likely to be in focus among investors today.
Market Reaction:
On Monday, CYBL stock soared 35.37% at $0.0111 with more than 204.69 million shares, compared to its average volume of 138.92 million shares. The stock had moved within a range of $0.0086 – 0.0112after opening the trade at $0.0094. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0135.
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