Mym Nutraceuticals Inc (OTCMKTS:MYMMF) has provided OTC traders with quite a roller coaster ride over the past 4 months. After an explosive 900% advance over about 6 weeks during November and December, the stock topped out around $4/share and began a steep correction that donated around 68% back to the market. However, in recent action, we are seeing signs that the stock has started to find its foothold once again and should, therefore, be on your radar in coming days.
Part of this traction appears to be technical, however, the company has also made a few key announcements in recent days that may be contributed to the newfound sense of support. In the first place, the company announced it has closed its non-brokered private placement of 535,319 units at a price of $2.25 per unit for gross proceeds of $1,204,467.75. Then the next day, the company announced Craig Lennox has joined MYM as its new Chief Financial Officer (CFO) effective February 26, 2018. So, a capital raise and a new CFO – the fundamental roots of a turnaround in efficiency of capital in operations. And so far, it is paying dividends.
Mym Nutraceuticals Inc (OTCMKTS:MYMMF) promulgates itself as a company with a primary focus in developing high-end organic medicinal marijuana supplements and topical products. MYM also has an interest in the development of high-density farming facilities and technologies that allow MYM to expand its brand into the global market.
According to company materials, “MYM Nutraceuticals Inc. is an innovative company focused on acquiring Health Canada licenses to produce and sell high-end organic medicinal cannabis supplements and topical products. MYM has two production projects in Quebec that when completed will have over 1.5 million sq ft of production space. MYM is also a partner in a 1 million sq ft production project in New South Wales, Australia. Australia is a brand-new market that is just opening up and MYM is a leader there. To ensure a strong presence and growth potential within the industry, MYM is actively looking to acquire complementary businesses and assets in the technology, nutraceuticals and CBD sectors. MYM shares trade in Canada, Germany and the USA under the following symbols: (CSE: MYM) (OTC: MYMMF) (FRA: 0MY) (DEU: 0MY) (MUN: 0MY) (STU: 0MY).”
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As noted above, the company just announced a combination of a capital raise (a non-brokered private offering) in addition to making a change at the CFO position. Shares had been in tailspin but turned back higher on the news. We believe technicals were likely a part of the inflection, but the news appears to have helped.
“It is an exciting time to be entering into the cannabis space and I’m pleased to be joining the MYM team to help execute in bringing the various MYM projects to market,” commented Lennox.
According to the release, Lennox will lead MYM’s financial operations and will report directly to Rob Gietl, MYM’s CEO. Craig succeeds Mark Forster who will stay on with MYM in a supporting role. As for his compensation, the company notes that Mr. Lennox was “granted 800,000 options to purchase MYM common shares, pursuant to the Company’s Stock Option Plan. The options are exercisable for a period of two years, after they vest, at a price of $1.98 per share. 200,000 of the options will vest on February 26, 2019, and 50,000 every quarter thereafter.”
In addition, the Company intends to use the net proceeds from the private placement for general working capital and corporate purposes.
Now commanding a market cap of $186.3M, MYMMF has about $406K in total cash on the books, which stands against roughly $190K in total current liabilities. The company has pulled in about $105k on a trailing twelve-month basis. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $MYMMF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $MYMMF, either long or short, and we have not been compensated for this article.