Cyberlux Corporation (OTCMKTS: CYBL) rose 32% after releasing an update on several key business initiatives. The company was given OTC Pink Current status and will now file an amendment to reduce the number of authorized shares. In addition to the update, the company has completed the strategic change in the amount of authorized shares, reducing the current 20 billion shares to 8.75 billion authorized shares.
The company expects this to provide sufficient strategic equity to achieve its growth targets and protect shareholders from being diluted. The company also announced that its outstanding shares include 5.081 billion 700 million phantom restricted stocks from a 2014 transaction.
The company has worked to ensure that the company will transition to “Pink Current” status through stock restructuring and a reverse stock split. In addition, management stated that the company is expanding its renewable energy products through acquisitions in various commercial markets and government agencies. Cyberlux, operating out of North Carolina Research Triangle Park, offers cutting-edge lighting innovations, including LED and energy efficient lighting technology. It is therefore worth taking a look at CYBL in the coming days.
On Wednesday, CYBL stock rose 32% to $ 0.0177 with more than 225.20 million shares, compared to an average volume of 154.02 million shares. The stock has moved within a range of $ 0.0124 to $ 0.0178 after opening trading at $ 0.0137.