OXIS International, Inc. (OTCMKTS:OXIS) erased early gains after it posted its annual report and lost over 12% to close at $0.047 per share on Wednesday’s trading session. The volume was on lower side from Tuesday’s volume of 16 million shares but was above the average of 9 million. In last trading session, the stock price continued with its losses and tumbled down another 0.85% to close at $0.0467.
The weird website
OXIS is a Biopharma entity with a website created in lacking English. On the website it defines itself as a company that develops, commercializes and addresses prevailing clinical shortcomings of associated products. As a matter of fact, it is not understandable how a company develops clinical shortcomings. Also, the same content highlights the word ‘Cannabinoids’, written in caps. There are many people who understand the word Cannabinoids after the marijuana stock boom of 2014. The company plans to use Cannabinoids to fight cancer.
The press release
OXIS International released a press release stating that it decided to suspend trading on the reputed Euronext exchange. It also highlights the company’s “desire” to list on the NASDAQ platform. However, there is no pathway or details on how the company plans to achieve the stock price required for listing on a NASDAQ platform, or fulfill any of the other requirements in respective matter.
As per the latest 10-K report released on March 31, OXIS had cash of $855,000. The current liabilities came at $29 million whereas annual revenue stood at $61,000. The company reported annual net loss of $23.4 million. OXIS International stated that it is finding ways to raise money to support its operations. However, the measures may not well-suited with some of the shareholders. As per the report, in the second week of March, the company issued convertibles amounting for $2 million at a conversion price of $0.025 per share.