The Novo Integrated Sciences Inc (NASDAQ: NVOS) stock price rallied 41.5% today, although there were no news releases from the company. Therefore, it is clear that the rally in NVOS stock was driven by positive investor sentiment.
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Over 16.73 million NVOS shares had changed hands as retail investors piled into the stock despite the company’s share price decline. The rally continues a trend among retail investors of buying the shares of companies under challenging circumstances, which started in 2020.
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Retail investors are keen to push the prices of NVOS stock higher despite the company failing to file its quarterly report for the quarter that ended November 30, 2022, and the financial year ended simultaneously. The company is yet to file the reports despite promising to do the same.
In a previous article, I mentioned that Novo Integrated Services is a healthcare firm operating in multiple healthcare niches, including providing multidisciplinary primary care via its clinicians and practitioners in Canada.
The company also has an oncology research & development division and another unit focused on manufacturing nutraceuticals, OTC supplements and functional foods. Still, the firm is in danger of being delisted from the Nasdaq if it keeps delaying filing its quarterly and annual results.
Novo Integrated Services also filed the form 8-K with the SEC on March 01, 2023, revealing that it had entered into a share purchase agreement (SPA) with Mast Hill Fund, L.P., to issue a 12% unsecured promissory note with a maturity date of February 23, 2024.
The filing revealed that Novo Integrated Sciences had agreed to issue a common stock purchase warrant to buy up to 1 million shares to Mast Hill Fund, L.P., as stipulated in the SPA. The company received $515,700 from the fund after a $57,300 discount to acquire the note and the warrant.
I would avoid NVOS stock, given the company’s uncertain future. Furthermore, investors should remember that most meme stock rallies finally came back to earth, and this time is likely to be the same.
*This is not investment advice.
Novo Integrated (NVOS) stock price.
The Novo Integrated (NVOS) stock price rallied 41.52% to trade at $0.1435, from Monday’s closing price of $0.1014.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.