Lobe Sciences Ltd. (OTCMKTS:LOBEF) Stock Gains Momentum: Jumps 7%

Lobe Sciences Ltd. (OTCMKTS:LOBEF) was up 7% after announcing that pursuant to the previous Canadian Securities Legislation warning requirements, it ion February 11, 2022, sold 8 million ordinary shares in Ionic Brands Corp capital.

Market Stats

On Monday, LOBEF stock moved up 7.10% to $0.0234 with more than 28K shares, compared to its average volume of 229k shares. The stock moved within a range of $0.0220 – 0.0240 after opening trading at $0.0220.

Lobe Sciences Ltd. Disposes Securities of Ionic Brands Corp.

The issuance of the announcing is pursuant to initial National Instrument 62-103 warning requirements. The shares were initially issued to Lobe sciences on February 3, 2022, as a part of the consideration for sale to Ionic Brands Corp assets of Lobe Sciences. Following the disposition of the ordinary shares mentioned herein, Lobe Sciences currently holds and controls more than 49.914 million common shares representing around 19%  of Ionic Brands’  outstanding and issued ordinary shares.

Lobe sciences focus on developing psychedelic medicines, and the company has partnerships with leading industry players engaged in drug R&D  using psychedelics. The company is also focused on developing innovative devices and delivery mechanisms seeking to enhance mental health. Therefore, in the coming weeks, investors should keep an eye on LOBEF.

Traders Corner

LOBEF stock is trading below the 20-Day and 50-Day Moving averages of $0.0233 and $0.0252 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0547.