CV Sciences, Inc. Files Application for Up-Listing to the NASDAQ Capital Market
LAS VEGAS, July 23, 2018 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI), preeminent supplier and manufacturer of hemp-derived phytocannabinoids including cannabidiol (CBD) oil and developer of specialty pharmaceutical therapeutics, announced that it has submitted its application to list the Company’s common stock in the U.S. on the Nasdaq Capital Market.
“We believe up-listing from the OTC Market to the Nasdaq Capital Market will increase corporate visibility, improve liquidity, and broaden awareness in the financial markets,” stated Joseph Dowling, Chief Executive Officer of CV Sciences. “An up-list will open the investment opportunity to a larger pool of investors and help create greater shareholder value. We have made significant progress in strengthening our financial performance and liquidity, positioning the Company for future growth and profitability. A listing on the Nasdaq Capital Market is a natural progression for the Company and our shareholders.”
Acceptance for listing the Company’s shares is subject to approval based on several factors including satisfaction of minimum listing requirements for the Nasdaq Capital Market. The Company intends to satisfy all of the applicable listing requirements, however, there is no assurance that its application will be approved. During the Nasdaq review process, the Company’s common stock will continue to trade in the U.S. on the OTC under its current symbol, CVSI.
The Company’s Board of Directors has approved a reverse stock split of all outstanding shares of the Company’s common stock at a ratio of not less than 1-for-2 and not greater than 1-for-10 for the purpose of meeting the Nasdaq minimum bid price requirement, if needed. If this measure is approved by our stockholders at the annual meeting, the Company will effectuate the reverse split with a ratio sufficient to ensure the Company meets the minimum bid price requirement.
On August 4, 2018, the Company will host its Annual General Meeting and Investor Day. The Investor Day will feature a corporate presentation from the Company's senior management team who will overview the Company’s business strategy and highlights of its recent (record) earnings quarter, followed by a tour of its new facility. Institutional investors, financial analysts, and media interested in attending may contact Investor Relations at email@example.com.
About CV Sciences, Inc.
CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors. CV Sciences, Inc. has primary offices and facilities in San Diego, California and Las Vegas, Nevada. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties.
Managing Director, IRTH Communications
Released July 23, 2018