Sugarmade Inc. (OTCMKTS:SGMD) went up 3% after giving shareholder’s an update regarding its latest acquisition, Lemon Glow Company Inc. The acquisition included all Lemon Glow’s interests, rights, property, and assets, including the Lake County-located 640 acres of real estate.
In addition, in May, SGMD filed a report on Form 8-K disclosing the agreement and plan of merger between its wholly-owned subsidiary Carnaby Spot Bay Corp and Lemon Glow Company. Subject to terms and the conditions set in the Merger Agreement, Carnaby will merge into Lemon Glow, the surviving entity.
SGMD stated that the merger occurred as per the terms set forth on May 14, 2021, with the filing of a Merger Certificate with California’s Secretary of state office. On May 20, 2021, the Secretary of State notified the rejection of the Certificate of Merger because of technical deficiencies. SGMD issued an amendment to the merger agreement that the state secretary accepted on May 25. Therefore in the coming months, SGMD is a stock to keep an eye on.
Market Reaction:
On Thursday, SGMD stock moved up 2.50% at $0.0021 with more than 49.33 million shares, compared to its average volume of 117.79 million shares. The stock has moved within a range of $0.0019 – 0.0021after opening the trade at $0.0021.
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