CLS Holdings USA Inc (OTCMKTS:CLSH) Stock Drops After Amendments to Convertible Debentures and Underlying Warrants

Diversified cannabis company CLS Holdings USA Inc (OTCMKTS:CLSH), which operates as Cannabis Life Sciences, was one of the companies that saw its stock take a beating last Friday as it ended the day with a decline of 7%.

Trading Data

On Friday, CLSH stock lost 7.14% to $0.0650 with more than 5.72K shares, compared to its average volume of 27.13K shares. The stock moved within a range of $0.0600 – 0.0699 after opening trade at $0.0699.

CLS Holdings USA, Inc. Announces Amendments to Convertible Debentures and Underlying Warrants

The company announced at the time that after having been provided with the necessary approval from the Canadian Securities Exchange and its debenture holders, it had managed to amend the term of the outstanding principal unsecured convertible debentures worth $13219150. The debentures had been issued back on December 18, 2018. It was a major new move from CLS Holdings USA and it now remains to be seen if the company’s stock can actually manage to make a recovery any time soon or not.

However, that was not all. In addition to that, CLS Holdings USA also announced that it was planning to have a 1 for 4 reverse stocks split once the markets open on September 21, 2022. It should be noted that the move is subject to the necessary regulatory approvals. Once the stock split does go through, each block of 4 shares of the common stock is going to be exchanged for 1 share of the company’s pre-reverse spit common stock.

Technical Data

CLSH stock is trading above the 20-Day and 50-Day Moving averages of $0.0679 and $0.0707 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0822. The company has a total market capitalization of $8.32 million.