Cyberlux Corporation (OTCMKTS:CYBL) jumped 32% after offering an update of several major business initiatives. The company had gained OTC Pink Current status and will now file an amendment to cut its Authorized Share level. In addition to the update, the company has finalized the strategic Authorized Share amount amendment with the current 20 billion shares reduced to 8.75 billion Authorized Shares.
The company expects this to offer adequate strategic equity to meet its growth objectives and protect shareholders from dilution. Also, the company has announced that its outstanding shares of 5.081 billion included 700 million phantom restricted stock from a 2014 transaction.
The company has been working to ensure the company moves to “Pink Current” status through share restructuring and a reverse shares split. In addition, management stated that the company is expanding via acquisition in various commercial markets and government agencies with its renewable energy products. Cyberlux, which operates out of the North Carolina Research Triangle Park, offers ultramodern lighting innovation, including LED and energy-efficient lighting tech. Therefore, CYBL is worth watching in the coming days.
Market Reaction:
On Wednesday, CYBL stock soared 32% to $0.0177 with more than 225.20 million shares, compared to its average volume of 154.02 million shares. The stock has moved within a range of $0.0124 – 0.0178 after opening the trade at $0.0137.
