A rise of 16.28% brought market cap of Pharmagreen Biotech Inc (OTCQB: PHBI) to $13.92M in the last closing session with its share price concluding at $0.0400.
10.75M shares of PHBI stock were traded in the session, below the 11.63M shares of its average daily volume. Furthermore, the PHBI shares have traded in a range between $0.0354 and $0.0493 with about 348 million shares of pink sheet outstanding. Following news of its financial balance sheet being trimmed of convertible debt, the price of Pharmagreen stock surged.
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How PHBI succeeded to improve balance sheet?
Pharmagreen focuses on the production and distribution of hemp plantlets with CBD content. PHBI operates by means of a proprietary cell culture process and has the potential to become one of the leading players on the international stage. The growth of tissue culture science and the purchase of pure plantlets that are genetically identical to each other have led PHBI to become the world’s leader in supplying quality plantlets to CBD hemp farmers and other flora.
Yesterday, Pharmagreen announced that it had reached a settlement with one of the convertible note lenders. The lenders had agreed to cease and desist all further conversions, and that the matter was closed.
As a result of the settlement agreement, the SDNY courts dismissed the case immediately. Pharmagreen also filed the same in an 8-K filing on March 22, 2021. Furthermore, PHBI reported that all other convertible note lenders except for two have completed conversions of their positions and are not converting anymore. PHBI has therefore removed a derivative debt in excess of $600,000 on the balance sheet and will be paying back the two remaining notes as loans.
The Pharmagreen (PHBI)’s stronger balance sheet and smoother operations will surely be made better with the removal of a large portion of the debt from balance sheet of PHBI and conversion of remaining convertible notes into loans.