Veritas Farms VFRMD Stock News

Veritas Farms (OTCMKTS: VFRMD) is a stock that I’ve been watching for some time. Exceitingly, the company issued a press release late yesterday, announcing plans that suggest that the company will be uplisting to a major exchange relatively soon. Here’s what’s going on:

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VFRMD Announces Reverse Stock Split

In a press release issued this morning, the company announced that FINRA has approved a 1-for-4 reverse stock split. This means that for every 4 shares owned now, investors will own 1 share post split at four times the current value. This move requires no action from shareholders.

Following the reverse split, the company’s total issued and outstanding commonstock will be reduced to about 36,934,380 from 147,737,486. The reverse split will also apply to any shares of common stock issuable upon the conversion of outstanding warrants and stock options.

The split became effective as of Friday, September 20, 2019. In connection with the split, Veritas Farms said that its ticker symbol will become VFRMD for a preiod of 20 trading days. The D is to designate that it is trading on a post-split basis.

In a statement, Alexander M. Salgado, CEO and co-founder at VFRM, had the following to offer:

We are very excited to have taken this positive step to reduce the number of outstanding Veritas Farms common shares which will position the Company for a potential uplisting to a more senior stock exchange in the near future. We anticipate this strategy will help to enhance liquidity, maximize valuation, and make the Company more attractive to potential investors of all sizes, particularly institutional and international investors.

Why This News Is Important

Veritas Farms has been gaining serious traction in the CBD space. In fact, it is one of very few companies that have broken it’s way through hurdles to find its way to big-box retail shelves.

However, the company has largely been starved of the investor interest that it deserves. If all goes well following the reverse stock split, the company will be well-positioned to uplist to a large exchange like the NYSE or NASDAQ.

Should this take place, investor awareness is likely to grow dramatically, bringing in new investor dollars and building the value of VFRM stock.

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