Silo Pharma Inc. (OTCMKTS:SILO) dropped 14% after the developmental stage psychedelics therapeutic biopharmaceutical company announced Donohoe Advisory Associates LLCengagement for advisory and consultancy services in relation to a possible upgrade of Silo stock on the NASDAQCapital Market.
Market Stats
On Tuesday, SILO stock jumped 3.05% to $0.1350 with more than 842.77k shares, compared to its average volume of 137.04k shares. The stock has moved within a range of $0.1295 – 0.1490 after opening trading at $0.1350.
Silo Pharma, Inc. Engages Donohoe Advisory to Assist with its Efforts to Obtain a Listing on a National Stock Exchange
The company anticipates gaining more exposure and access to a broad institutional and retail investor bases in the US and internationally following the up-listing to NASDAQ.
Notably, the up-listing to the NASDAQ for the Silo shares is subject to regulatory approval and meeting of all necessary applicable listing requirements.However, there is no guarantee that the uplisting will succeed or whether the company will meet the NASDAQ uplisting requirements. CEO Eric Weisblum indicated that NASDAQ would offer Silo a significantly higher profile with the possibility of enhanced liquidity for shareholders. Silo focuses on emerging conventional treatments using psychedelic research for patients with indications such as PTSD, depression, Parkinson’s, Alzheimer’s, and other neurological disorders. Therefore, in the coming weeks, investors should watch SILO.
Key Quote
Silo Pharma’s CEO Eric Weisblum, stated, “NASDAQ would provide the Company with a considerably higher profile and the potential for increased liquidity for our shareholders.”
