ROCKY MOUNTAIN HIG COM USD0.001
ROCKY MOUNTAIN HIG COM USD0.001 (OTCMKTS:RMHB) shares fell 3% after the consumer goods company announced an authorized share increase of 4 million shares. According to the Chief Executive Officer, Michael Welch, the increase was necessary in order to pursue additional equity financing needed for growth projects.
RMHB Stock Performance
ROCKY MOUNTAIN HIG COM USD0.001 (OTCMKTS:RMHB) finished lower last week after bouncing back on plummeting to all-time lows. The stock, however, continues to trade in a strong downtrend after coming under immense selling pressure on rising to $0.15 a share in January.
ROCKY MOUNTAIN HIG COM USD0.001 (OTCMKTS:RMHB) is focused on the development of health conscious, hemp-infused food and beverage products The company is currently marketing a lineup of four naturally flavored hemp-infused food beverage products.
Approval of an increase in authorized shares is the latest headwind to plague the stock. A point of concern is that issuance of new shares could lead to more stock dilution and plunge the company into more debt. However, the Chief Executive Officer has, so far, remained firm about the motive behind the increase.
“This increase in common stock shares will be to accommodate equity financing, to provide capacity for acquisition opportunities that the Company would like to pursue, and to provide RMHB flexibility well into the future without having to go through the time and expense of increasing the authorized shares again,” said Mr. Welch.
Approval of an increase in authorized shares follows the resignation of Gerry David and Kevin Harrington from ROCKY MOUNTAIN HIG COM USD0.001 (OTCMKTS:RMHB) board of directors early last month. The two will, however, continue to serve the company as consultants and will provide expertise and advice in matters pertaining to strategy operation and marketing issues.
Following the resignation, Mr. Welch and Vice-president David Seeberger will now serve as members of the board.
“I am excited that Michael Welch and David Seeberger are now part of the Board. Their in-depth knowledge of the Company, strong work ethic and commitment will create shareholder value. This represents an important step in the progression of the Company,” said Board member, Charles Smith
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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