The Novo Integrated Sciences Inc (NASDAQ: NVOS) stock price rallied 39% despite the lack of news releases from the integrated healthcare company. The lack of announcements indicates that the latest rally in NVOS stock price was primarily driven by positive investor sentiment.
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The healthcare company operates in multiple healthcare niches, including providing multidisciplinary primary care via its clinicians and practitioners in Canada. The company also has a division dedicated to oncology research & development, while another unit is focused on manufacturing nutraceuticals, OTC supplements and functional foods.
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Given the lack of recent news from Novo Integrated, we have to look at previous releases to judge if investors could be reacting to an old announcement. The last significant news from Novo was filing a Form 8-K with the US Securities and Exchange Commission (SEC).Â
Novo filed the form 8-K with the SEC on February 23, 2023, where it revealed that it had entered into a share purchase agreement (SPA) with Mast Hill Fund, L.P., a Delaware limited partnership, to issue a 12% unsecured promissory note with a maturity date of February 23, 2024.
According to the filing, Novo Integrated Sciences agreed to issue a common stock purchase warrant to buy up to 1 million shares to the holder as stipulated in the SPA. The company received $515,700 from the holder after a $57,300 discount to acquire the note and the warrant.
Before the note issuance, the company had received a notice of non-compliance from the Nasdaq’s listings department after it failed to file the annual report for the fiscal year that ended August 31, 2022, on time.
Novo Integrated Sciences revealed that it was planning to file its annual report and the quarterly report for the quarter that ended November 30, 2022, within the set deadline of February 13, 2023. The firm promised to furnish the Nasdaq with a plan to regain compliance by the deadline if it could not file the two reports on time.
The company seems to have reached an agreement with Nasdaq since then.
*This is not investment advice.
Novo Integrated (NVOS) stock price.
The Novo Integrated Sciences (NVOS) stock price rallied 39.08% to trade at $0.24, from Monday’s closing price of $0.17.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.