One of the companies which could well come into focus this morning among investors is NextMart Inc (OTCMKTS:NXMR) and that happen primarily because of the key announcement that the company made on Friday. The company announced this past Friday that it had put plans in action for the purpose of reducing its authorized common stock.
Trading Data
On Friday, NXMR stock moved down 1.17% to $0.0212 with more than 5.18 million shares, compared to volume of 4.40 million shares. The stock moved within a range of $0.0172 – 0.0235 after opening trade at $0.0229.
NextMart, Inc. – Further Lowering of Authorized Common Stock
The plan will help NextMart in reducing the quantum of its common stock to 250000000 common shares in a corporate action that is going to consist of two steps. At this point in time, NextMart has as many as 500,000,000 shares of the common stock that are authorized. On Friday, it announced that it was going to reduce the number of its common stock to 300,000,000 immediately.
It was further noted that NextMart was also working on the cancellation of as many as 68,000,000 shares of the common stock. Once both the processes are completed, the number of authorized common stock of NextMart is going to be reduced to 250,000,000. Kathryn Gavin, the company’s Chief Executive Officer, noted that these actions are part of the current efforts to restructure the capitalization of the company so as to ultimately benefit the shareholders.
Key Quote
Kathryn Gavin (CEO of the Company), states…” The corporate actions described in this release will lower our authorized common stock from 500,000,000 to 250,000,000 shares of Common Stock. Again, as previously stated on the last lowering of the authorized Common Stock of the Company, these corporate actions are part of our ongoing efforts to restructure the capitalization of the Company to mainly benefit current shareholders and to become attractive to future company acquisitions.
Technical Data
NXMR stock is trading below the 20-Day and 50-Day Moving averages of $0.0227 and $0.0235 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0421. The company has a total market capitalization of $7.92 million.
