OSL Holdings Inc (OTCMKTS:OSLH) left everyone flabbergasted by its moves during the last trading session. The development and technology company, which remained in the zone of triple-zero, suddenly woke up to become the top traded scrip on the OTC markets. In short, OSL Holding is mimicking its history from last year, when it jumped to reach $0.25 and then fell back to sub-pennies level.
Taking back reverse stock split
Though there is availability of no immediate development to cause a massive surge in OSL Holdings Inc (OTCMKTS:OSLH), but the company did communicate its decision over reverse stock split recently. In its press release, OSL Holdings informed that its Board of Directors and Executive Management Team have decided against the reverse stock-split. OSL Holdings Inc (OTCMKTS:OSLH)’s CEO Bob Rothenberg said that the prevailing market conditions and its recent acquisition, Go Green Hydroponics, led the Board to withdraw its decision of reverse stock split. The company’s executive said that OSL Holdings Inc (OTCMKTS:OSLH) aims to focus on enhancing revenues and executing its acquisition strategy.
Latest acquisition
Late last year, OSL Holdings Inc (OTCMKTS:OSLH) acquired Go Green Hydroponics Inc, which is a Los Angeles based privately held firm engaged in indoor gardening, hydroponics and cultivation equipments supply. Before the acquisition, Go Green reported revenues of $2.4 million till September 30, 2014 while it expected to attain revenues of nearly $3 million in the fiscal year 2014. OSL Holdings Inc (OTCMKTS:OSLH) took over Go Green in exchange of $1.8 million subject to a target working capital requirement. The company funded the purchase through the closure of its debt transaction amounting $1.9 million.
OSL Holdings Inc (OTCMKTS:OSLH) exploded by nearly 254% to $0.00530 on Tuesday and reported an average volume of 11.74 million shares. The company offers a transactional network that acts as a common point for distributors, retailers, brands, both offline and online.
