Back on February 16 this year, Pervasip Corp (OTCMKTS:PVSP) made a major announcement with regards to its stock that might have come as a boost for many shareholders. The company announced that it was planning on the preparation and eventually submission of its financial statement to the OTC Markets.
Currently, there is a stop sign on its stock at the OTC Markets but the submission of those financial statements is going to be enough for the lifting of the sign. In order to subscribe to the OTC Disclosure & News Service, Pervasip has already filed an OTCIQ Order Form.
More importantly, the company is looking to submit its quarterly and annual financial reports to the OTC Markets so that it gets the all-important Pink Current Information designation from the exchange. At the same time, Pervasip also announced that it is also going to go through a restructuring and although it would not involve a reverse split, the company will announce a new management team in due course.
In addition to that, the company will also make an announcement with regards to the line of business in which it is going to be involved. At the time, Pervasip had stated that it was going to provide its shareholders with regular updates with regards to the progress being made in this regard.
In order to get a better understanding of Pervasip as a company, it might be fruitful to take a look at the company’s past. Back in July 2015, the company had made the decision to merge with its fully owned subsidiary company Plaid Canary Corporation. Plaid Canary was a special purpose consolidation company and was primarily involved with the acquisition and development of companies that operated in a range of agricultural markets.
The merger was executed on a one-to-one basis. It implied that after the merger, one share of outstanding stock in Pervasip was made available in exchange for one share in Plaid.
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