Growing oil and gas company, Verde Bio Holdings (OTCMKTS:VBHI), gave updates to shareholders on September 16, 2021. The company said that it continues to implement strategies and wants to bring updates on its 10-K filing in addition to highlights of its last fiscal.
The company witnessed a delay in the filing due to accounting changes as it wasn’t prepared for being viewed as an “oil and gas” company by the government like Exxon or Texaco and the firm apologized for the delay.
Verde said that the firm had transformed itself in the last one year and continues to be sanguine on oil and gas as well as the future of the company as a profitable firm. The company CEO Scott A. Cox said that a highlight of the strategy is that the augmented revenues will not have any costs for its investors. The company raised $10 million in five months through Reg A+ Offering. The firm has closed on 15 acquisitions to date and will be able to demonstrate good revenue growth and this has allowed for positive cash flow.
The firm is looking to clean up its balance sheet by removing over $1.5 million in convertible debt. Verde is looking to ensure robust deal flow and will assess potential acquisitions and seeking opportunistic divestments to make big profits.
Market Reaction:
On Monday, VBHI stock soared 34% at $0.0219 with more than 71.51 million shares, compared to its average volume of 15.38 million shares. The stock has moved within a range of $0.0166 – 0.0219 after opening the trade at $0.0170.
