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I agree. It has been a long wait. Hopefully the ball gets rolling soon. Will love it when that news drops
Sounds like they will have to have 3 uplist partners. one for QIND, one for SAML and another (eventually) for ILUS. So, to some extent I am sure they have done some partner shopping.
But from the recent ILUS PR and a Brett Rosen tweet, we can expect to have the ILUS 10K and the QIND, SAML and likely ILUS 1Q 10Qs out soon. Getting them out early will allow them more time to complete the mergers prior to Aug 15 when the next set of financials are due. So, I expect the first of the business combination agreements to be issued shortly after the financials which they said should occur in April.
Yes, it is true that QI was a big target acquisition and they weren't able to complete it. But it seems clear that there was something about it (payment schedule perhaps or perhaps the QI accounts receivable) that the SEC didn't like and it was causing delays on the S1 acceptance. So, they have a smaller acquisition now, but also a much more better balance sheet. This new acquisition will be paid with the merger stock shares. After the merger or at least after the BCA is announced, I expect they will acquire 1 or 2 other companies that were mentioned in the Jan 29th shareholder letter.
I agree that they need to execute. Future is bright and worth the risk, IMO.
BFC discusses QIND, ILUS BFC discussion covering ILUS
AginAustin
Hopefully that will occur.
My question is-- are they uplist partner shopping? In prior pr's from Dec--Feb, they made it sound like things were moving along, lots of progress
being made regarding the merger negotiations, felt it would CLOSE prior to Mar 31 filings etc.. If you will notice in the most recent pr, the language was much more reserved.
Keep in mind the original "value" and "attractiveness" of QIND was the potential merger with QI. As some of us strongly suspected,
that deal could not be consummated and was recently terminated.
They have purchased a smaller company but then the QIND valuation may be less than earlier. Do you think the original target merger partner may have backed away and now they are shopping for another? Even if it is the original one, what we get for QIND in the exchange may not be what was originally planned.
Also, they always talk about "pending" acquisitions, and in many cases they never come to fruition. So would hold my breath on the two you mentioned.
I'm confident that QIND will merge with a big board shell and that it will be based on a valuation that is above the current MC and when it is announced the price will increase. Then upon uplisting/merging, I think they will acquire the two other companies that they mentioned in the shareholder letter: one in UK and one in Texas. They have always talked about uplisting with strength so as to not fizzle after the uplist. Acquiring two other companies should do that for them. I'm hoping to hear the announcement/filing in the next few weeks.
Mauiguy2
If I recall correctly, JP stated on the vodcast that the merger with the Naz company is happening and will be sooner than many expect.
Guess not.
CH, one of the things I like about you is that you're able to remember and articulate past management mishap's so well with both ILUS and QIND. As for me, the past remains fuzzy because so many things have never materialized. I just remain frustrated and disappointed that there's been very little walking the talk.
I think the last time we heard from JP was when he was being interviewed on BFC. He was saying that big things would be happening very soon and all shareholders would be happy. It's come to the point where I don't even remember what the next supposed big event is!!! There's been so many of them over the years. Unfortunately. they all seem to fizzle out.
BUT, for whatever reason, I remain a long and still remain hopeful!!!🙂
Error in last post. It seems QIND shares were given. Not ILUS shares.
Mauiguy2
I just bought Maui Jim sunglasses, so we may have even more in common. LOL
I have never seen a company with so many fits and starts. LOI's that don't come to fruition, purchases that have to be terminated,
mergers that feel like you are waiting for Gadot. Management has to look in the mirror and realize they are lightweight and need a strong person at the helm.
I guess the recent purchase of the new gas company was a "consolation prize" event. As they knew they were terminating the QI purchase, and thus the S-1 was a waste of time and money (and now being pulled), and they were promising shareholders the uplist merger, QIND had to have something in it to merge with into the Naz company. Thus, the new purchase. But is the value of QIND now reduced and thus the exchange ratio for QIND shares will be much less????
What about the ILUS shares given to Artelliq for the loan that was made to QI? I assume they will be unloaded in the market, if they have not already. So more shares given with, in essence, now nothing received.
You've always reminded me a lot of myself in regards to our thoughts on ILUS, QIND and management. We're tired and frustrated by all of JP and Nick's talk without "follow through". Yet, oddly enough, both of us. remain believers and hopeful that we'll soon see light at the end of the tunnel.
News: QIND Presses Forward Strongly with Completed Acquisition, Al Shola Gas
Quality Industrial Corp.
Tue, Apr 9, 2024, 7:15 AM EDT
In This Article: QIND
SAN FRANCISCO, CA / ACCESSWIRE / April 9, 2024 / Quality Industrial Corp. (OTC PINK:QIND), is a Manufacturer and Service Provider for the Industrial, Oil & Gas and Utility sectors. The company recently acquired a 51% interest in the United Arab Emirates headquartered, Al Shola Al Modea Gas Distribution LLC (Al Shola Gas) and is focused on the integration and expansion of the completed new acquisition.
On March 27, 2024, QIND signed a definitive Stock Purchase Agreement with the shareholders of Al Shola Gas to acquire a 51% interest in the company with an option to buy the remaining 49% within 2 years. The closing of the transaction took place when both parties signed the definitive agreement. Having obtained control upon execution of the Stock Purchase Agreement, QIND now occupies two of the three board seats of Al Shola Gas, including the seat of Chairman of the Board.
Established in 1980, Al Shola Gas is a United Arab Emirates headquartered, Engineering and Distribution company operating in the Gas sector. The company is one of the region's leading contractors of centralized gas pipeline systems, distributor of LPG cylinders, and supplier of bulk gas to commercial, residential and industrial facilities. Al Shola Gas currently employs 93 personnel and operates a fleet of over 50 trucks which service the company's nearly 10,000 active residential gas supply contracts and 570 commercial supply contracts. With QIND, the company is already targeting several lucrative central gas pipeline engineering and supply contracts in the Middle East and Africa while simultaneously adding further LPG bobtail trucks to its fleet, with each additional truck increasing the company's bulk supply of gas which is in high demand from customers in the region. Al Shola Gas delivered nearly $11 million and $1.8 million in 2023 revenue and net income respectively, with approximately $600,000 in bank borrowings on its balance sheet.
As previously disclosed on the Form 8-K dated April 5th, 2024, the Board of Directors of QIND accepted termination of the Quality International Purchase Agreement on April 1st, 2024. Further information can be found in the 8-K filing.
QIND is pleased to move forward with a healthy operating business while continuing its discussions with further acquisition options. Having filed its Form 10-K Annual Report on 8 April, 2024, the company now looks forward to the first consolidation of Al Shola Gas' financials in its upcoming Quarterly Report on Form 10-Q, to be filed on or before 15 May, 2024. QIND is currently in discussions with a National Exchange listed company regarding a Reverse Triangular Merger agreement. The company therefore plans to withdraw its S-1 Registration Statement previously filed with SEC and the National Exchange listed company intends to file an S-4 Registration Statement following signing of a Business Combination Agreement. All QIND Shareholder's shares will be exchanged for shares in the National Exchange listed company at an exchange ratio agreed between QIND and the National Exchange listed company. Each parties' valuation will be confirmed by a fairness opinion obtained from a team of experienced independent financial experts.
This Press Release does not constitute an offer of any securities for sale.
FORWARD-LOOKING STATEMENTS
This press release contains statements of a forward-looking nature about the Company. You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "future" or other similar expressions. The Company has based these forward-looking statements primarily on the Company's current expectations and projections about future events and financial trends that the Company believes may affect Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company's information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to differ materially from those implied by the forward-looking statements. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.
CONTACT
Quality Industrial Corp.
315 Montgomery Street, San Francisco
CA 94104, USA
Phone: +1-800-706-0806
Email: info@qualityindustrialcorp.com
Investor site: https://qualityindustrialcorp.com
Twitter: @QualityIndCorp @ILUS_INTL
SOURCE: Quality Industrial Corp.
Are you referring to you IHUB posts on both ILUS and QIND? If so, I don't think you've gone overboard at all. Your posts are tame.....rational and well written. I would hate to think your posts here are the reason you've been cut off from receiving relevant tweets. Just curious....are you more vocal and more opinionated on other non-IHUB boards?
QIND and ILUS have cut me off from tweets--I gather they did not like my posts
Agin
I see it---Form 8K
I had been stating for a while that this deal looked dead and the prior financials would have to be re-stated.
Another management embarrassment.
So I guess, ILUS, which included the QIND "earnings", will have to restate as well??
AginAustin
Where did you see that QI deal was abandoned?
QIND and ILUS have cut me off from tweets--I gather they did not like my posts
QI deal abandoned. Confirmation of big board merger. Big reduction in liabilities. I think the reward was reduced short term and the risk was reduced. So, short term risk/reward may be similar to what is was. Long term risk/reward improved, IMO.
We sure did Freddy. Thanx for sharing! Y wood Al Shola accept stock ? What else they gonna to acxept ? A bobble head of JP? I fosho take 1 f they free er no one’s looking 👀 BWAHAHAHAHA 😹
Yes Freddy Lets add on pull back , Monday?
Did everyone notice the payment terms in the $QIND 8k filed yesterday for the stock purchase agreement of Al Shola Al Modea Gas Distribution? The payment terms were "$9 million in National Exchange listed stock or cash to be paid to Seller. Payment in eight quarterly tranches over a period of 24 months, beginning from the first quarter following uplist to a National Exchange."
Why would Al Shola accept stock as a possible payment and why would they allow that the payments be tied to the uplist event? Because they are confident that $QIND or $ILUS will be a NASDAQ listed stock in the very near future. Al Shola will do their due diligence into the matter certainly.
Ignore the noise. Use your brain.
Actually, here are the correct revenue projections
Here are the numbers for it in the 8k. pic.twitter.com/V5tGMLWdJF
— FredZ (@AgInAustin1) April 2, 2024
New acquisition. Looks like it is a $40M/yearly revenue business.
$QIND - Definitive Stock Purchase Agreement signed with Al Shola Gas. Business description for ASG to be included in upcoming Form 10-K. You can review the business here:https://t.co/74o4sKwmG8 https://t.co/wRrkdV6p2y$ILUS pic.twitter.com/ofS1cZwdkh
— Quality Industrial Corp. (@QualityIndCorp) April 2, 2024
Let’s see! Naw we Ggo file late! April Fools!, HAHAHAHA!
Plenty of time Qers
I reminded of something my Grandma always say , Nothings better then hanging with Grams
$QIND nice reversal in progress .125 +49.16%
$QIND #undervalued here! Resistance now @ .1025 moves up quickly. #thinlytraded #lowfloat
I expect to hear something positive before the end of the month as the Q is ending in about 12 days! $ILUS
— Brett Rosen (@BrettRosen325) March 19, 2024
$QIND .115 HOD 117 On alert for more news and updates.
Smells like SAML taste like QIND. Let’s see what happens.
AginAustin
Thanks
From a tweet from Buffalo Fireside Chats where JP has been a guest numerous times.
https://t.co/tNEg40OWna
— Buffalo Fireside Chats (@buffalofireside) March 6, 2024
💥 💥 💥 $ILUS $SAML $QIND
Subscribe. 👇 Turn on the alerts. ⚠️ Stand-by for a BFC #podcast with JP Backwell of @ILUS_INTL @QualityIndCorp @ERT_ILUS 🔥 🔥 🔥 #nonstop
3/7 - @BrettRosen325
3/8 - @JpBackwell - ILUS
3/10 - @AP4Less Chris D. $FLES
AginAustin
Thanks. I did not hear anything about an upcoming JP video. Was that from a tweet or rumors circulating? JP's silence until now has spoken volumes.
I wasn't sure what the tweet meant. At first I thought that he was signaling something was happening soon, but then I thought along the same lines as you. But we do know that JP is doing a video on Friday and I saw somewhere that JP said he wouldn't do another video until the merger deal was agreed to. So, I am hopeful that we see good news by Friday.
AginAustin
Was Nick's tweet today preparing us for a delay?
@NicolasLink
·
8m
"Rome wasnt built in a day" https://finance.yahoo.com/news/cgra-remains-significantly-undervalued-despite-151400670.html $CGRA $ILUS $SAML $QIND
Only about $600 traded today. That's crazy low for a stock on the precipice of a likely merger later this month. I hope to hear some news prior to then. But with Carsten's limited selling all done, it seems to help.
Bottom seems to be in here. $QIND
$QIND .1192 +13.52% Bids building. Looks strong.
I wouldn't read anything into the price movement other than the uncertainty that traders may feel. In other words, I don't think it is telling. No one knows anything beyond what they have communicated which is that they are going forward with a NASDAQ merger in some fashion.
AginAustin
So the question is (especially based on the slipping of share prices for QIND and SAML despite getting closer to the finish line)-----Is everything now on hold
based on the potential, hopeful, intended merger of ILUS with a Naz company? There may be no sense now to transfer the assets of ERT into SAML, if the Naz company wants those ILUS assets. Would be pretty clumsy to move them to SAML, and then have to have the Naz company merge with SAMNL as well.
Same might be true with QIND, where the Naz company merely gets assigned the contract to complete the purchase directly.
Just saying.
Yes, it looks like they have abandoned the uplist/offering in favor of the merger. The opportunity presented itself and I trust them to make the best decision for the companies and the shareholders, of which they also are.
Wonder how much money was wasted on the S-1, which IMO might have been doomed from the start as they could not show the ability to close on the QI purchase?
AGINAustin
In a filing yesterday: On February 8, 2024, the board of directors (the “Board”) of the Quality Industrial Corp. (the “Company”), approved a reversal and change in fiscal year end of the Company from June 30 to December 31. The Board’s original decision to change the fiscal year end was related to the Company’s intent to uplist to the NYSE American. The subsequent reversal is to align the fiscal year and audit process with its parent company Ilustrato Pictures International Inc. “ILUS”. The reversal of the fiscal year is also intended to be in alignment for auditing purposes with that of a special purpose vehicle which ILUS and its Subsidiaries, which also includes the Company, are in the process of completing an intended transaction with.
If I read it correctly, seems like the S-1 is R.I.P., and they will just merge it, and possibly SAML (????) into the Special Purpose Vehicle
I believe that we will get an announcement about the NASDAQ merger soon, likely within the next week. This will either get QIND to the NASDAQ or ILUS and it will solve the financing issues that they have and they can pay off QI and acquire some more companies and really begin a large growth phase.
Shareholders w/o Rs , No worries adding here! Coinage got a nice jingle.
🪙
🌖
🌖
🌖
💰
Hard to believe your little comment caused a 20% jump!!
$QIND this will move very strong soon.
Doing some early DD but can't understand why market cap is only $17.8M Any guidance TIA
In today's ILUS shareholder letter it mentions QIND. Possibly no reverse split plus 2 new acquisitions. I think this is the path that they will go down.
"The S-1 process for QIND continues and the subsidiary is in the progress of responding to the SEC. The S-1 was filed in order to raise capital for QIND, and should the abovementioned NASDAQ deal be completed, it would supersede the S-1 by providing considerable direct and indirect funding for QIND to deliver its plans. It will also avoid the potential need for QIND to conduct a reverse split which as longstanding Shareholders will know, we as management have always tried to avoid. In further developments and in addition to its normal course of business, QIND is also in discussions with potential acquisition options in the UK and Texas. "
Nice action today. Up about 37%. More trades at the ask than the bid. But it is dead quiet on this board.
CONTACT
Quality Industrial Corp.
315 Montgomery Street, San Francisco
CA 94104, USA
Phone: +1-800-706-0806
Email: info@qualityindustrialcorp.com
Investor site: https://qualityindustrialcorp.com
Twitter: @ QualityIndCorp @ILUS_INTL
SOURCE: Quality Industrial Corp.
ACCESSWIRE / January 11, 2024 / Samsara Luggage, Inc. (OTCQB:SAML) was formerly a manufacturer and distributor of luggage and following a change in business direction, the company is now a Mergers and Acquisitions company focused on acquiring and growing companies in the public safety sector. This change in business direction follows the acquisition of the majority stake in SAML by Ilustrato Pictures International Inc. (OTC: ILUS).
As per the Form 8-K filed by SAML on January 9, 2024, the company confirmed that ILUS acquired a convertible note from YAII PN, LTD with outstanding principal and accrued interest of $600,684.93. On January 5, 2024, ILUS converted the note into 150,753,425 shares of SAML common stock. As a result of the conversion, as of January 5, 2024, ILUS acquired control of 91.5% of the outstanding shares in SAML.
SAML confirms that its existing luggage business will be spun out and ILUS intends to merge in several of its existing Emergency Response focused companies in return for a stock consideration to Shareholders of ILUS. The company confirms that going forward, it will function as the Emergency Response subsidiary of ILUS, known as Emergency Response Technologies (ERT).
SAML plans to change its name and ticker as appropriate for its change in business direction. This shall take place in connection with a short form merger with its wholly owned subsidiary, Emergency Response Technologies, in accordance with NRS 92A.180. The corporate action will be submitted to FINRA and will be effective once a market effective date is provided by FINRA.
SAML is planning the aggressive expansion of Emergency Response Technologies in order to execute the business plan of its parent company, ILUS. The company has made its own funding arrangements in order to execute its growth plan. In addition to the merging in of existing ILUS assets, the company is considering further acquisition options, whereby negotiations have taken place or are currently taking place. This includes the possible acquisition of a US headquartered emergency vehicle manufacturer and distributor. Following execution of its initial growth plan, SAML intends to uplist to a major stock exchange.
Mrs. Atara Dzikowski, and Mr. David Dahan have resigned from all their positions with SAML. Nicolas Link was appointed as SAML's Chairman of the Board and John-Paul Backwell was appointed as the company's Chief Executive Officer and Director. Dan Peters will serve as President of SAML, and further appointments will be made to the company's board and management team.
Over the course of the coming weeks, SAML will provide a number of updates to Shareholders as assets are merged in and business progress is made. SAML Shareholders are urged to keep an eye on the company's ERT website and ERT Twitter account, the details of which are listed below:
Websites: https://ert-international.com
Twitter: @ERT_ILUS
Email: info@ert-international.com
FORWARD-LOOKING STATEMENTS
This press release contains statements of a forward-looking nature about the Company. You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "future" or other similar expressions. The Company has based these forward-looking statements primarily on the Company's current expectations and projections about future events and financial trends that the Company believes may affect Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company's information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to differ materially from those implied by the forward-looking statements. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.
SOURCE: Samsara Luggage Inc.
© Copyright 2024 ACCESSWIRE. All Rights Reserved.
SAN FRANCISCO, CA / ACCESSWIRE / December 7, 2023 / Quality Industrial Corp. (OTC PINK:QIND), is a Manufacturer of equipment and infrastructure for the Industrial and Energy sectors. Today the company filed an amended S-1 Registration Statement for the sale of its common stock in a firm commitment public offering and concurrent NYSE American listing. The amended offering shall be for the amount of gross proceeds of up to $3.5 million.
As described in the S-1/A, QIND is in the process of revising the terms of its ongoing payment tranche obligations for the acquisition of Quality International. While the revised payment terms are being agreed, the company has filed its amended S-1 for the purpose of disclosure and progress towards the clearance of SEC comments. Clearance of comments and the corresponding date of S-1 effectiveness affects the terms to be agreed in the revised payment arrangements.
QIND's original S-1 filing contained an offering for an amount of gross proceeds of up to $7 million which has since been reduced to $3.5 million, therefore reducing dilution. Further the company will amend the S-1 to include its engaged Investment Bank once the structure and timeframe of the revised payment arrangements with Quality International are finalized.
The S-1/A now includes the independent valuation report of Quality International by Kreston Menon, a division of Kreston Global, which was obtained by QIND. The amended S-1 also includes the audit reports of Quality International by Ernst & Young and Deloitte for 2020 and 2021 respectively. These aforementioned reports have been filed as exhibits to the S-1/A.
This Press Release does not constitute an offer of any securities for sale.
FORWARD-LOOKING STATEMENTS
This press release contains statements of a forward-looking nature about the Company. You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "future" or other similar expressions. The Company has based these forward-looking statements primarily on the Company's current expectations and projections about future events and financial trends that the Company believes may affect Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company's information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to differ materially from those implied by the forward-looking statements. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.
CONTACT
Quality Industrial Corp.
315 Montgomery Street, San Francisco
CA 94104, USA
Phone: +1-800-706-0806
Email: info@qualityindustrialcorp.com
Investor site: https://qualityindustrialcorp.com
Twitter: @QualityIndCorp @ILUS_INTL
SOURCE: Quality Industrial Corp.
SAN FRANCISCO, CA / ACCESSWIRE / November 21, 2023 / Quality Industrial Corp. (OTC PINK:QIND), yesterday filed its financial results for the third quarter ended September 30, 2023, on SEC Form 10-Q, in accordance with applicable accounting standards.
QIND reported revenue of $22.1M and net profit of $1.9M for the three months ended September 30, 2023, compared to $19,8M in revenue and net profit of $2.4M for the same period in 2022. The net profit decrease was due to shares issued to management totaling $1.5M during the quarter. However, the underlying performance of the operating business increased its net profit compared to the same period in 2022, with $3.4M achieved before adjusting for share issuances. QIND remains optimistic about its fourth quarter growth over the same period last year.
QIND has continued to lay the foundations for future growth, including but not limited to its planned uplist to the NYSE American. The Company's S-1 Registration Statement will be amended with the third quarter financial statements and subsequently filed with the Securities and Exchange Commission.
SAN FRANCISCO, CA / ACCESSWIRE / September 20, 2023 / Quality Industrial Corp. (OTC PINK:QIND), is a Manufacturer of equipment and infrastructure for the Industrial, Energy, and Utility Sectors. On March 19, 2023, QIND filed an S-1 Registration Statement for the sale of its common stock in a firm commitment public offering and concurrent NYSE American listing. The offering shall be for an amount of gross proceeds of up to $7 million.
Upon effectiveness of the offering, QIND intends to uplist to the NYSE American. If required in order to meet the bid price requirement for the listing, the company will affect an authorized reverse stock split simultaneous to its listing on the NYSE American.
"We firmly believe that an uplist to the NYSE American is in the best interest of our company and Shareholders. We are confident that it is our optimal path for realizing the value we see in the company and for its expansion from a largely Middle Eastern operation with several global multinational customers towards a global operation servicing the wider Energy sector. It is exciting that we have now taken a very significant step closer towards this objective." Said QIND CEO, John-Paul Backwell.
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