The absolute earliest any R/S can occur is January 5th, 2020
Management can also decide to perform any share restructure at some later point in time such as late January, or in February, March, or April — the timing is up to them
Taken from today’s filing:
“Under SEC regulations, the Reverse Split may become effective no sooner than 40 days after we mail the Notice of Stockholder Action Taken by Written Consent to our stockholders. This notice is first being mailed to our stockholders on or about November 25, 2019.”
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If Congress legalizes Pure CBD as a Dietary Supplement next week on 12/18-12/20, the Nasdaq should open up to uplistings from the OTC for those publicly traded companies that sell Pure CBD
That’s the entire point of the potential share restructure — to trade at $4, which is the minimum required price to uplist to the Nasdaq
So I thought they might have been a touch early when they first announced it, but back then I didn’t know about the prospects of CBD being legalized as a dietary supplement on 12/18-12/20
Now I think the timing would be close to perfect in Jan/Feb 2020
I’m sure that just like us they want to optimize the timing to do what’s best for the stock — they own a lot of shares, too, and everybody is going through any potential share restructuring together
Getting on the Nasdaq would be an amazing accomplishment
With the legalization of CBD as a dietary supplement, I’m confident the Nasdaq will start accepting Pure CBD Oil companies, and CANB would be a very good candidate for uplisting — they have audited annual returns for 2 years and meet all difficult criteria for the Nasdaq Capital tier including $5M shareholder equity and a majority independent board of directors, so the only significant criteria they don’t currently meet is a stock price of $4
The other OTC CBD Oil stocks (CV Sciences, Charlotte’s Web, Elixinol, etc) sell Full Spectrum CBD Oil with THC in it, which I expect to remain federally illegal
Which means CANB would be the only OTC CBD Oil stock that would be eligible for uplisting to the Nasdaq
So that gives them a pretty good shot at becoming the first American CBD Oil stock to uplist
Sleek
