On Monday the American Video Teleconferencing Corp (OTCMKTS:AVOT) stock may have been trading in a range but it ought to be noted that the company made a significant announcement yesterday. The company announced that as part of the final order in the declaratory judgement, it was considered that the company could choose to authorise the cancellation of the shares in question through its transfer agent.
Market Action
On Monday, AVOT stock soared 700% to $0.040 with 8.8K share, compared to its average volume of 142 shares. The stock moved within a range of $0.0100 – 0.0400 after opening trade at $0.0100.
American Video Teleconferencing Receives Nevada Court’s Approval to Cancel 16,525,000 Shares
It ought to be noted that American Video Teleconferencing had not got the payment for these shares that had been issued by the management that had been in charge previously.
Hence, the court has judged the shares in question to be invalid. The current Chief Executive Officer and President of the company Willy A Saint-Hilaire spoke about the development as well. He noted that it was a ‘tremendous achievement’ for the company that it managed to get the shares cancelled.
While the announcement did not lead to any major move in the company’s stock, it ought to be noted that the development was a significant one. It is now going to be interesting to see if the stock can manage to make a move one way or another over the course of the coming days.
Key Quote
President/CEO of the company, Willy A. Saint-Hilaire, said “The Company made a tremendous achievement by canceling of all the shares to be known that were issued without consideration in prior management.”
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