As the empty stock chart of Denali Concrete Management, Inc. (OTC:DCMG) shows, yesterday’s was one of the two sessions recently in which the stock got any trading activity at all. The news from this week sounds promising, though, and could provide for more days of intensive trading.
The session yesterday closed with a three-digit 438% gain at $1.40, while the trading volume amounted 55,500 traded shares. Due to the lack of any trading history of DCMG, it looks like its future performance on the stock market would depend entirely on the announced this week agreements.
An 8-K filing from Wednesday says that Denali Concrete Management has completed the acquisition of a privately held company named Eyefite Ltd., created in June this year. The seller is Can-Fite BioPharma Ltd. and under the agreement it received 36 million shares of DCMG in exchange for all the shares of Eyefite. As a result, Can-Fite is now the majority shareholder of Denali Concrete Management holding 82% of the company’s stock.
Among the several agreement signed along with the acquisition is one that grants Eyefite an exclusive worldwide license for the use of CF101, which is a therapeutic drug candidate of Can-Fite’s and should be used in the field of ophthalmic diseases. Also, concurrent to the acquisition, DCMG raised $3.3 million in cash over the sale 2.9 million shares of its common stock to a number of private investors.
The potential benefits of the deal for DMCG are yet to get reflected in the trading of the stock on the market. The latest 10-Q report of the company shows that it had no operating activities and no assets prior to this acquisition, while its total liabilities amounted around $90,000.
