SRx Health Solutions said on Wednesday that it has redeemed 17,500 shares of its Series A Preferred Stock for an aggregate redemption price of approximately $21.77 million.
- The company is seeking to increase the flexibility of its capital structure for additional investments.
- The company said that it does not have immediate plans for mergers and acquisition but will continue to evaluate opportunities.
- Earlier this month, SRx said that it has significantly reduced its short position across its cryptocurrency portfolio of Bitcoin and Ethereum to nearly zero in light of market volatility.
Shares of SRx Health Solutions, Inc. (SRXH) jumped 15% on Thursday and garnered retail attention after the company announced the redemption of shares of series A preferred stock.
A Stocktwits user said that they expected a better rally, which was cut short by investors selling for smaller gains.
Another user expressed hopes for a merger for the company.
Stock Redemption
The company on Wednesday said that it has redeemed 17,500 shares of its Series A Preferred Stock for an aggregate redemption price of approximately $21.77 million as it seeks to increase the flexibility of its capital structure for additional investments. This resulted in the cancellation of about 125 million common shares.
The company said that it does not have immediate plans for mergers and acquisitions, but will continue to evaluate opportunities.
Canada’s SRX Health Solutions is a collaborative network of pharmacists and healthcare practitioners that offers specialized treatments and other support services. The company now expects to file its quarterly report for the three months through December to the Securities and Exchange Commission on Friday.
Earlier this month, SRx said that it has significantly reduced its short position across its cryptocurrency portfolio of Bitcoin and Ethereum to nearly zero in light of market volatility. The company had previously revealed a cryptocurrency portfolio of approximately $18 million as part of its digital treasury management strategy.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment around SRXH stock stayed within the ‘extremely bullish’ territory over the past 24 hours, while message volume stayed at ‘extremely high’ levels.
SRXH stock has lost about 93% of its value over the past 12 months.
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