Jefe127 wrote: TORONTO, Oct. 16, 2020 /CNW/ - VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) ("VIVO" or the "Company") announced today that it is terminating a planned offering of $5.1 million, which it had previously announced on October 6, 2020.
The decision to terminate the offering was taken amidst what the Company views as highly unusual trading activity in VIVO's shares. During the two days following the announcement of the offering, trading volume increased by approximately 8,000% to a cumulative total of 18,980,048 shares, compared with 236,517 shares traded in the two days prior to the announcement.
"While VIVO is unaware of the reasons for the increased trading activity and downward pressure on our stock price, we have reported last week's highly unusual trading activity to securities regulators," said Barry Fishman, CEO of VIVO. "We are hoping that in the short-term, trading activity will stabilize at a level that reflects VIVO's current business fundamentals, recent achievements and future potential."
The Ontario Securities Commission (OSC) and the Investment Industry Regulatory Organization of Canada (IIROC) jointly announced on October 1, 2020 that they are encouraging the submission of tips related to potential abusive trading in securities of Ontario reporting issuers, including illegal insider trading, market manipulation or abusive short selling. In particular, they are seeking specific and credible evidence about short selling into or ahead of public offerings or private placements of Ontario securities.
https://www.osc.gov.on.ca/en/NewsEvents_nr_20201001_osc-and-iiroc-appeal-for-tips-on-abusive-trading.htm
https://www.newswire.ca/news-releases/vivo-cannabis-tm-withdraws-5-million-offering-and-provides-business-update-836783442.html