1933 gets bumped down to the pink sheets | How to order Skittles Moonrock online
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1933 is relegated to the pink sheets (19459000)
The stock price has not reflected the hard work 1933 has done to stabilize the company.
Nevada-based 1933 Industries Inc. (CSE:TGIF)(OTC Pink : TGIFF), informed investors that the common stock of the company was moved from OTCQB Market into the OTC Pink Open Market as it no longer met the minimum closing bid prices for continued eligibility in the OTCQB. The stock is currently trading at a fractional penny, and the last time it traded at one cent was April of this year.
The company has been trying valiantly to get its house into order. The company last Earnings reported for the third quarter In July, the company reported that its total revenues had increased slightly to C$4.8million. The company attributed this increase to the strength and popularity of the AMA brand and the upgrades to the cultivation facility that were completed in the fourth-quarter of 2023. It reduced its losses from C$2.9m to C$142.886 for the quarter.
The company’s convertible debentures were due December 31, 2023. It was renegotiated so that the maturity date would be extended to December 31 2025. In June 1933, the company announced that it would be engaging in a nonbrokered private financing consisting of up to 120,000,000 Units at $0.015 each, with a gross profit of up to $1,800,000. The company previously stated that the placement would be completed in July. However, this has not been confirmed.
The approval of cannabis consumption lounges is a big deal for 1933. Nevada Cannatourism and sales will increase. The company believes that the lounges will benefit visitors who will spend more.
Cash crunch
The company faces a declining cash situation in addition to other challenges. The company reported its third quarter earnings with only C$638,022 of cash. The company wanted to warn investors that it’s operating cash flow was not enough to meet its working-capital requirements, and that it had no guarantee of being able to raise extra capital at acceptable terms.
Debra Borchardt
Debra Borchardt, Co-Founder and Executive Editor at GMR. She covered the cannabis sector for several years, at Forbes Seeking Alpha and TheStreet. Debra was Vice President at Bear Stearns, where she held the Series 7 and Registered investment advisor licenses. Debra holds a Master’s in Business Journalism from New York University.
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