One of the companies that saw its stock make a notable upward move this past Friday was Lelantos Holdings Inc (OTCMKTS:LNTO), which ended up with gains of as much as 7%.
On Friday, LNTO stock moved up 7.43% to $1.8800 with more than 424 shares, compared to volume of 722 shares. The stock moved within a range of $1.8800 – 1.9900 after opening trade at $1.9900.
Lelantos Holdings, Inc. Announces an Update on Its Merger Process and Acquisition of Lelantos Energy
The company came into focus last Friday after it provided an update with regards to the merger that would complete the procedure that would make Lelantos as an OTC Market listed public entity. The company, which was previously known as ProConcept Marketing Group Inc, got its name change approved by FINRA. In addition to that, the change in the ticker symbol and the reverse stock split had also been approved.
It was last month on November 14, 2022 that the company had filed the Articles of Merger and had asked for an effective date of November 22, 2022. However, there had been delays in the processing of the aforementioned documents in the state of Florida of over three months.
The documents have not been processed yet. The management of Lelantos is looking forward to the whole thing being completed eventually in addition to other corporate actions related to the merger. It may be a good idea for investors to keep an eye on the developments.