Branded Legacy Inc (OTCMKTS:BLEG) on August 19, 2022, announced that the Board of Directors had a board meeting and approved not performing a reverse stock split for the next one year. The company focuses on the commercial development of cannabinoid-infused products from CBD topicals as well as tinctures. Its Board of Directors is also looking to vote on reducing the authorized shares.
On Friday, BLEG stock ended flat at $0.0170 with 2.29 million shares, compared to its average volume of 282K shares. The stock moved within a range of $0.0150 – 0.0250 after opening trading at $0.0170.
Branded Legacy, Inc. Board Votes For No Reverse Stock Split
The reduction would be about Three Hundred Million Shares ensuring that the total authorized common shares will reduce to Six Hundred Million. It is expecting to have board approval as well as majority shareholder approval in the next few weeks.
Brandon Spikes, chairman of Branded Legacy said that the company is making efforts on building confidence amongst shareholders. Spikes added that the firm is looking at lowering the authorized shares. The chairman added that the firm is looking to add value for all and executing plans for making the company a multi-million dollar company in some years.
Branded Legacy Inc on August 16, 2022, announced that it is compliant with OTC Markets enabling the removal of the Yield Sign. The company has returned to the Current Information status with the OTC Markets Group. It will comply with all OTC Markets reporting standards.
Spikes also said that the company is working on going above and beyond OTC compliance standards and the removal of the yield sign instills confidence amongst shareholders. Branded Legacy has been working in the last few weeks to reduce the issued and outstanding shares.
Brandon Spikes, chairman of Branded Legacy, Inc., stated, “We are putting our best foot forward to build confidence in our shareholders. Reducing the authorized shares as well as refusing to do a reverse stock split shows our ability to build trust. We want to add value for everyone and execute on our plans to make Branded Legacy a multi-million dollar company over the next several years.”
BLEG stock is trading below the 20-Day and 200-Day Moving averages of $0.0188 and $0.0187 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0325.