The plant based nutritional science and innovation space is growing at a decent clip and one of the companies from the sector that could be tracked by companies at this point in time is NutraNomics Inc (OTCMKTS:NNRX). As it happens, the company was in fact in the news yesterday and it could be a good time for investors to take a look into it.
Trading Data
On Tuesday, NNRX stock ended flat at $0.0002 with more than 47 million shares traded, compared to volume of 86.41 million shares. The stock moved within a range of $0.0001 – 0.0002 after opening trading at $0.0002.
NutraNomics Announces Debt Restructuring and New Credit Facility
Yesterday, NutraNomics and is business unit The Plant, announced that it had been successful in retiring a part of its debt. In addition to that, NutraNomics also announced that it had managed to get a line of credit for the purpose of supporting its current operational funding needs. The company is currently looking to boost its production and hence, would need to spend on resources.
The company announced that it had converted as much as $500,000 of its debts into equity in NutraNomics. At the same time, the company managed to get a line of credit worth as much as $400,000 on enhanced terms. Jonathan Bishop, who is the Chief Executive Officer of the company, announced that while NutraNomics continued to work on growth of the business through increased sales, it was also working on ways to better the financial health as well.
Key Quote
“Concurrent with our consistent efforts to increase sales and grow the business, we’re making every effort possible to optimize the Company’s financial health. This is just one example of how we will always maintain balance between financial necessity and sensibility”, commented Jonathan Bishop, NutraNomics’ CEO. “This credit facility will provide us with the necessary resources to prudently scale our production to meet the increasing demand of our growing customer base.”
Technical Data
NNRX stock is trading below the 20-Day and 50-Day Moving averages of $0.0003 and $0.0003 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0003. The company has a total market capitalization of $418K.
