Publicly traded company engaged in exploring potential opportunities in diversified industries, SPO Networks (OTCMKTS:SPOID), on March 30, 2022, announced the reverse split announced earlier has been completed. The splot of one to one thousand of its common stock was done by the majority of shareholders and its Board of Directors.
Market Action
On Wednesday, SPOI stock soared 10% to 0.0011 with 5.30 million shares, compared to its average volume of 8.8K shares. The stock moved within a range of $0.0010 – 0.0012 after opening trade at $0.0010.
SPO Networks has established a revenue-generating recycling subsidiary as well as a fresh recreational cannabis entity. The company is anticipating quick expansion in the industry harnessing vertical market from cultivation facilities. Before the split, CEO, Tom Smith, and majority shareholders converted 3,965,471,162 common shares into a promissory note @ $.00115 per share resulting in the shares being canceled.
The settlement of fractional shares was rounded up. Any shareholder owning less than 1000 shares were rounded up to 1 share. Furthermore, authorised common shares were lowered to 10,000,000 from 10,000,000,000. The firm will make additional announcements as the process moves ahead.
SPO Networks believes that customers and patients have the right to quality, economical as well as clinically-validated cannabis products. With this objective, the firm is aiming at recreational and cannabis and genetic see operations expectation of quick expansion in the cannabis industry. The company is developing a cultivation facility for extraction operations, wholesale cannabis as well as cannabis extracts in Colorado for wholesalers and licensed retailers. The final goal is to grow retail product manufacturing as well as dispensary operations in some states.
Traders Note
SPOID stock is trading below the 20-Day and 50-Day Moving averages of $1.28 and $2.17 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 44.
 Concludes 1-1,000 Reverse Stock Split){kind=link}