Namaste Technologies Inc. (OTCMKTS:NXTTF)‘s stock has been on strong uptrend over the past month. NXTTF stock has jumped over 80% since April 24th following the appointment of Kenneth Jones as the new board director as well as the giving of its corporate strategy update.
However, NXTTF’s stock is still down over 75% from its September’s peak price of $2.90.
The Appointment of Kenneth Jones
The company said that Jones will head the audit committee and he brings along vast experience having been a PWC partner as well as held various roles at Fortune 500. Namaste will also establish an advisory board that will provide additional expertise to the current board.
Namaste has also indicated that they are investing in infrastructure and technology to help cater to licensed producers, micro-growers, and cultivators locally and internationally. Namaste MD has implemented improvements like extended devices compatibility as well as enhanced video efficiency and experience. They are also reviewing the patient care model with a focus on data collection and visits.
The Citron Report
Namaste Stock was doing well in 2018 until September when it reached its peak at $3. However, the price dropped to $1.5 in a span of two weeks and continued to decline until it hit $0.5 in December. Being one of the leading cannabis companies in the industry they attracted the attention of Citron Research. Citron Research is known as a company that targets fast-growing companies by fabricating accusations so that they can manipulate the stock price of companies and profit once the price begins to decline.
As a result of the Citron report, Namaste has faced a series of lawsuits, investigations as well as other issues putting the company in trouble with a number of law firms. The company initiated its own investigations regarding the allegations resulting in the termination of Sean Dollinger as CEO.
The company took legal action against the ex-CEO that ended in on February this year. Several other board members have since resigned and its auditor.