During the last four weeks certain company noteholders have exercised their right to convert over $1.3 million in convertible promissory notes into Common Stock. The Common Stock was issued under Rule 144 and had been subject to applicable holding periods before it could be sold. The notes were previously taken to execute the company's growth plans and retire debt. Upon the filing of the 10Q for the period ending June 30, 2019 on November 15, 2019, the company became current on its SEC filing requirement and OTCMarkets upgraded EVIO from a stop sign to pink status, which allowed certain noteholders to exit out of their positions.
William Waldrop, Company CEO stated: “These convertible notes have had a dramatic impact on our stock price in recent weeks as multiple noteholders simultaneously converted their notes into common stock at a discount to the market price. The volume and frequency of these conversion have put considerable downward pressure on the stock price.”
Lori Glauser, COO stated: "Sales and revenue growth are stronger than ever. The recent hemp and cannabis harvests have led the company to record sales, while our turnaround times have been reduced to 3 to 5 days. Our website hemptesting.com is attracting new hemp and CBD customers from around the world."
It is management’s opinion that at the Company's current market capitalization, the Company is undervalued. The Company anticipates that the share price may continue to be volatile in the coming weeks.
About EVIO Inc.
EVIO Labs is the leading provider of cannabis, hemp, and CBD testing. EVIO maintains licensed and accredited cannabis, CBD, and hemp full-service testing laboratory operations, and provides clients with quality analytical, R&D, and consulting services to produce the best, compliant products. EVIO provides quality assurance to consumers that the potency listed on the label matches what is in the package, and that the product is free of harmful contaminants.
For more information, visit www.eviolabs.com.
Safe Harbor Statement
Any statements in this press release that are not statements of historical fact may be considered forward-looking statements pertaining to anticipated or projected plans, performance, and developments, as well as other statements relating to future operations and results. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only, and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, the Company’s ability to complete product testing and launch product commercially, the acceptance of product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in Company reports filed with the Securities and Exchange Commission, available at www.sec.gov or www.eviolabs.com.