Pudo Inc (OTCMKTS:PDPTF) Stock On Radar After Debt Settlement

Pudo Inc (OTCMKTS:PDPTF) is the only parcel pick-up and drop-off service in North America and back on December 23 the company made a significant new announcement. The company announced at the time that it had reached an agreement with some of its employees to issue a total of 51,073 common shares in Pudo in exchange for the cancellation of the total of employee accrued vacation owing to the tune of C$83,136.

Market Action

On Friday, PDPTF stock slid 3.23% to $0.5580 with 1K shares, compared to volume of 1.89K shares. The stock moved within a range of $0.5580 – 0.5580 after opening trade at $0.5580.

PUDO Inc. Announces Shares for Debt Settlement

The shares that the company would issue are actually debt shares and they had been priced at the same price as the closing price of the Pudo shares on the Canadian Securities Exchange as on December 22, 2022. At the time, the closing price of the stock had been C$0.80 a share.

The issuance of these shares to the employees of Pudo is what is called a ‘related party transaction’. It should be noted that the company had not actually submitted a material change report that is supposed to be filed at least 21 days prior to the closure of the transaction. The debt shares that were issued to the employees by the company are going to be subjected to a hold period of four months.

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