Tauriga Sciences Inc (OTCMKTS:TAUG) shares were down 7.95% on Wednesday to $0.00810 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.01. The company has a market cap of $12.95 million at 1.36 billion shares outstanding.
Tauriga Sciences Inc is a diversified company that is focused on the development of technology platform in the nano-robotics space and is engaged in acquiring and building a portfolio of technology assets. The company filed its Quarterly Report on Form 10-Q for the period ended June 30, 2016, which is its first fiscal quarter, and has yet to file its Quarterly Report for the period ended September 30, 2016, which is expected to be completed by the end of this year.
Tauriga Sciences Inc has already been delinquent in filing its financial statements, causing it to be downgraded from the OTCQB Exchange on July 31, 2015. However, the company asserted that this was caused by malpractice by Cowan Gunteski & Co. P.A. and Guntenski’s subsequent conduct. It is still in process of prosecuting its lawsuit against Cowan Gunteski but remains confident about the merits of the case.
Also, Tauriga Sciences Inc is working with OTC MARKETS concerning the uplisting of its shares from OTC PINK Limited Information Tier to the OTCQB upon the Company filing its Second Quarter Report status. If uplisting is completed, the company stock could enjoy stronger liquidity and investor interest, possibly yielding more gains. However, it might take a few more months for this filing to be completed and much longer for OTC MARKETS to review the information and give the green light for uplisting.
The Company has overcome many difficulties over the past 16 months and now can confidently express to its shareholders that it will be current in its periodic reports with SEC by December 31, 2016. This is a positive development for Tauriga as it strengthens the Company’s ability in negotiations with potential acquisition target(s) and provides the Company with opportunities and access to capital that have not been possible since July 31, 2015. Tauriga’s management remains deeply appreciative of its shareholders continued patience and loyalty and believes that its shareholders deserve a successful and prosperous future,” noted Tauriga Sciences Inc CEO Seth Shaw.
Earlier in the year, Tauriga Sciences Inc appointed Keith Berman as a member of its Board of Directors, contributing his vast experience and knowledge in the life sciences space to assist the company in potential merger and acquisition activities. Soon after, the company completed an equity private placement for $105,500 USD to date comprised of accredited individual investors as well as one institutional investor. The proceeds were to be used for working capital purposes, particularly funding the company’s ongoing litigation mentioned earlier.
On its daily time frame, Tauriga Sciences Inc has formed a complex double bottom formation but is having difficulty breaking past the neckline to confirm the potential reversal from the long-term selloff. Volume has been subdued so there’s not much investor interest at this point, which suggests that there may not be enough momentum to spark an upside breakout and sustain the resulting climb. With that, company shares could continue to tread below the area of interest at $0.01 and possibly even make its way back to support if their next filing disappoints.
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