SOHM Inc. (OTCMKTS:SHMN) was up 6% after the nutraceutical, pharmaceutical, and cosmetics company offered additional information about its anticipated acquisition of a top Southern California-based pharmaceutical firm.
Trading Data
On Thursday, SHMN stock jumped 5.56% to $0.0038 with more than 10.12 million shares, compared to its average volume of 8.87 million shares. The stock has moved within a range of $0.0034 – 0.0039 after opening the trade at $0.0036.
Announces Important Details of Its California Pharmaceutical Company Acquisition Expanding Manufacturing into the US Market
CEO Baron Night said the company had worked hard to create and offer transformative and crucial products for consumers and patients globally. Night added that production under an FDA license would enhance the company’s efforts and cosmetics market presence while bolstering pharmaceutical production programs that allow SOHM to offer affordable products to patients.
This is a massive milestone for the company, which offers a cGMP-compliant licensed contract manufacturing faculty with a market presence of close to two decades. Through this acquisition, the expansion of core capabilities enables the company to commence discussions with its distribution chain for opportunities in new verticals offering financial stability and revenue and profits increase. The Santa Ana located facility at the center of Southern California is in a strategic transportation corridor, and it manufactures liquid, topical and semi-solid products holding over 300 novel formulations. So, SHMN is worth watching in the weeks to come.
Key Quote
Mr. Baron Night, President and CEO of SOHM Inc., said, “From the beginning, SOHM has worked hard to develop and deliver transformative and critically needed products to patients and consumers around the globe. Manufacturing under FDA licensing will enhance our efforts and our presence in the cosmeceutical market while spring boarding our pharmaceutical manufacturing programs which allow us to deliver more affordable products to more patients in need.”
Technical Data
SHMN stock is trading below the 20-Day and 50-Day Moving averages of $0.0043 and $0.0050 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0054. The stock is down 19% in the past 3-month.
