VeriteqCorp(OTCMKTS:VTEQ) the stock did saw a major bullish rally at the very start of january, 2014 when its touched its high of $2.30 at a trading volume of3.39k. After reaching the highest point the stock has been moving in bearish trend since 2nd of January, 2014.
The share price saw it’s highest of $3.70 while its support level was $0.00 in last one year. The stock maintains good liquidity with average volume of 3 million shares per day
VeriteqCorp(OTCMKTS:VTEQ) is heavily promoted by ‘Blue Horseshoe Stocks’ last month.it was compensated by $2500k. VTEQ will now be able to run purely on the company’s business achievements.
Magna is a New York-based investment firm that creates lasting relationships with portfolio companies across Equities, Ventures and Entertainment.
VeriteqCorp (OTCMKTS:VTEQ) a provider of implantable medical device identification and radiation dose measurement technologies, announced today that it has entered into a securities purchase agreement (the “SPA”) and convertible note with Magna Equities II, LLC (“Magna”). Under the SPA, the Company expects to issue additional promissory notes on substantially identical terms throughout November and December for total net proceeds of up to $450,000.
In conjunction with the financing, Magna has purchased from Hudson Bay Master Fund Ltd. two promissory notes issued by the Company in November 2013 and May 2014, with a current principal amount totaling approximately $352,000. Under the terms of the financing, the maturity date of the notes due November 13, 2014, has been extended to July 13, 2015. Also in connection with entering into the SPA with Magna, the Company entered into agreements with its Chief Executive Officer, Scott R. Silverman, to convert $1.4 million owed to him, and with its President, Randolph Geissler, to convert $441,000 owed to him, into a total of 1,841 shares of the Company’s newly designated Series D Convertible Preferred Stock, which will vest/convert on January 1, 2017, or upon a change of control.
“We believe this new financing agreement with Magna, with whom we have worked for several months, will result in a positive outcome for the Company and our stockholders,” said Silverman. “We continue to have confidence in in the opportunities for our business, and look forward to cementing relationships with strong partners for the continued expansion of our technology around the world.”
Additional terms of the financing and the conversion of liabilities owed to Messrs. Silverman and Geissler are discussed in the Company’s Form 8-K filed with the SEC on November 5, 2014.
Veriteq Corp(OTCMKTS:VTEQ) ) is a typical development stage company with $0.01million cash and total assets of $8.22million. The company has total liabilities of $22.35 million resulting in negative equity. VTEQ trading in red yet continues to trade in impressive volume, however does not seem to be moving anywhere close to its earlier position in the near future.
Considering the fundamentals its market capitalization of $119,660 is okay.
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