Pot Co. Cancels $3.9M Stock Sale Over Short Seller Fears
Law360 (October 16, 2020, 5:48 PM EDT) -- A Canadian cannabis company on Friday canceled a planned 5.1 million Canadian dollar ($3.87 million) stock offering after its trading volume spiked by 8,000% in the days after the offering was announced.
VIVO Cannabis Inc. said its trading volume soared to nearly 19 million shares from 236,500 shares in the two days following the announcement of the offering on Oct. 6. The company said it was unaware of the reasons for the "highly unusual" trading activity.
"We are hoping that in the short-term, trading activity will stabilize at a level that reflects VIVO's current business fundamentals, recent achievements and future potential,"...
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