Halitron (OTCMKTS:HAON) shares rose 31.58% on Monday as the company closed on $300K in additional financing for its operations.
Halitron (OTCMKTS:HAON) shares were up 31.58% to $0.00250 on Monday and unchanged 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 $903K at 418.43 million shares outstanding.
Halitron is an equity investment holding company that is focused on implementing an acquisition roll-up model of acquiring high growth sales and marketing businesses. The company is structured with two Strategic Business Units: Sales & Marketing Division and a Manufacturing Division. It is focused on acquisition targets that provide sales, marketing, and manufacturing services and products.
Its portfolio holding include CinchSigns, NDG Holdings, Inc., Teknik Digital Arts, Inc. and Archival Museum Supplies. The company has two footprints; one in Newtown, Connecticut, that houses sales, marketing, finance, and second location in San Diego, California, which is the distribution point for products, which are primarily made in and around Tijuana, Mexico. The company is also focused on acquiring bankrupt, distressed or insolvent companies where it can acquire the business inexpensively and then roll the assets into its infrastructure.
In a press release this week, Halitron announced that the company closed on the $300,000.00 in financing needed to boost revenue of its four existing legacy brands to between $3-5 million annually. This is in the form of a non-toxic one year credit facility whereby the company may draw down minimum increments of $5,000, up to a total of $300,000, which carries an annual interest rate of 8%. This means that the debt thereunder is not convertible into equity at a discount to prevailing market prices.
Today we are drawing down our first tranche of capital and are excited to implement our strategic plan,” cited Bernard Findley, Halitron CEO.
The company recently engaged Freidman LLP to perform an audit of Halitron in preparation for listing on the OTCQB market. This is expected to be completed by the end of the month, followed by the filing of an annual report with the SEC to be listed on the OTCQB as a fully reporting company by mid-year 2017.
Lastly, Halitron shared that it is in the final stages of a spin out and merger transaction that has been in the works for the past three months. To be specific, two of its brands are in the process of being spun out into an online social marketing or digital storage company, which is currently a public company. With this, shareholders are expected to receive a stock dividend of 40 shares of the new company’s common stock for every 1,000 shares of Halitron common stock owned, subject to review and approval by FINRA.
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