Following the updates and clarifications from the company yesterday, the GNCC Capital Inc (OTCMKTS:GNCP) stock suffered from a strong selloff and declined by as much as 17% as a consequence. In light of the situation, it might be a good idea for investors to take a look at the announcement made by GNCC Capital yesterday.
The company confirmed yesterday at that at this point in time it is completely focussed on raising the necessary funds so that it can close the Lithium deals that it had announced previously. However, GNCC Capital was quick to note that it was not in a position to disclose the details of the fund raising efforts since the company was still at the negotiation stage.
That being said, the company did point out that the funding amount that is being discussed is ‘not unsubstantial’. However, GNCC Capital stated that it did not wish to hamper its negotiating position by divulging specific details.
On the other hand, the company also announced that it quarterly report for the third fiscal quarter of 2021 is also going to be filed in a timely manner. It remains to be seen if the stock can make recovery in the coming days.