approximately 23% to its price and its traded volume exceeded 13 million shares.Is it the beginning of a new uptrend for GNBT stock? It’s too soon to be confirmed yet. However, something must have caught the investors’ eye and they started to buy.
Two days ago, it was announced that Generex’s common stock would be delisted and suspended from trading on the NASDAQ due to the non-compliance with the minimum bid price requirement of $1 per share. That was the second delisting warning for Generex and this time it was implemented. Though, GNBT stock was eligible for quotation on the Pink OTC Markets Inc, effective with the opening yesterday.[BANNER]
Generex also scheduled a video webcast for yesterday and announced that it was to participate in the Canadian Diabetes Association Conference from October 20-23, however, the results are yet to be published.
As soon as the news was reported, GNBT started the gain, though it’s hard to say how long it will continue.
Generex Biotechnology Corporation is a development-stage company engaged in the research, development and commercialization of drug delivery systems and technologies. In September, GNBT has been holding the high volume on promotions and optimistic announcements, however, its price changes have been mostly negative.
The financial report of Generex didn’t show satisfying results as the company has decreased its revenue and gross profit, while the operating loss has increased. Although GNBT has more assets than liabilities on its balance sheet, its long-term debt hasn’t been covered yet.
In the meantime, GNBT stock movement continues to be unstable and the company needs to raise some additional financing for its business activities.
