GHLV lost yesterday whole 20.67% and closed the session at $0.119 for a share. The correction of the previous day, when the share price had broken the $0.15 resistance from the middle of last month, happened on an unseen over the past 52-weeks trading volume of 2.83 million shares traded. It looks like the sudden appreciation from Wednesday will probably remain a one-day event, caused by some trading alerts and by the announced positive news for X-Excite, the lead product under development in the company’s portfolio.
In the meantime, yesterday GHLV filed with the SEC to have issued the next portion of new common shares. Following the sale of a convertible debenture for $4 million in March, in the beginning of October the investor converted part of the principal amount into 1.69 million shares of GHLV common stock. Previously, in the middle of September, another 1.36 million new shares were issued on the same basis. Also this month, the company issued 200,000 shares to pay for consulting services, and has the obligation to issue 40,000 each month for the next twelve months.
Though the shares will not be registered and GHLV states they have been issued for long-term investment purposes and not for immediate sale on the open market, the stock price chart shows that the signal has not been a good one. The stock is losing value progressively since March this year, which however seems to correspond to the current state of GHLV business.
In the annual report, the company says it plans to purchase equipment for the commercial production of their sublingual tablets by February next year, though none of the products is ready to get launched on the market. GHLV has thus not yet established any sources of revenues, was short of cash at the end of this May and will have to further sell stocks in order to keep the operations running.
