OSL Holdings Inc. (OTCMKTS:OSLH) Gets Squashed
After a disappointing stretch that shaved over 40% of OSL Holdings Inc. (OTCMKTS:OSLH)’s share price within a couple of weeks, on Friday the ticker went in free fall and crashed another 41% within a single session. The company traded its heaviest volume since late April, at 52 million shares changing hands as the price slid. OSLH stopped at $0.0045 per share by Friday’s closing bell.
The company started 2015 on the wrong foot, dropping like a rock from $0.02 to double zeroes by late March. In early April OSLH announced its ‘intent’ to enter into a JV with Cheryl Shuman, PR expert and marijuana advocate. Dropping big, popular names in your press announcements always gets people excited and what better time to drop Ms. Shuman’s name than when the stock has crashed about 90% over the last three months?
OSLH was back over two cents per share by mid-April. After filing its quarterly report on April 20, however, things took a dramatic turn and OSLH dropped 50% within three sessions after the filing. The May 20 confirmation of the JV with Cheryl Shuman did little to prop OSLH up the charts, save for a one-day price pop. That may be due to the fact that the ‘initial venture’ will consist of launching a “luxury cannabis conference series” for “high-dollar investment vehicles” in the marijuana space. The first event is planned for early 2016.
In an 8-K that was put up after the closing bell on Friday, OSLH dropped a number of significant announcements. The company increased its authorized shares threefold, from 649 million to 1.94 BILLION. This was primarily to accommodate the conversion of previously issued convertible debt into common stock, to the tune of 103,286,059 shares issued between April 10 and June 2.
OSLH‘s outstanding shares went from 394 million in January 2015 to its last reported 733 million as of June 1, meaning the company diluted its common stock by 86% within the space of five months.
It remains to be seen how OSLH will trade today, when the price can actually react to late Friday’s news.
