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Tel Aviv, Israel, Oct. 12, 2020 (GLOBE NEWSWIRE) -- Citrine Global, Corp. (OTCQB: CTGL) is pleased to announce that it has applied to list its common stock on the Nasdaq Capital Market. The proposed listing on Nasdaq is subject to several regulatory requirements and a determination by Nasdaq that the company has satisfied all applicable listing requirements, including, but not limited to, shareholder’s equity requirements, a sufficient price per share and a sufficient number of round lot holders. There is no guarantee that the Company will be successful in obtaining the necessary approvals to list its common stock on Nasdaq. Until such time as such Nasdaq approval for listing is obtained, the common stock will continue to trade on the OTCQB under "CTGL".
As part of the company's preparations to meet the Nasdaq listing requirements, on October 8, 2020, the board of directors approved a reverse stock split of the company's authorized, issued, and outstanding shares of common stock, subject to stockholder approval, with the final ratio of this step to be determined by the board at a later date.
We believe that the requested listing on Nasdaq is a strategic stage in Citrine Global's growth targeted to potentially enlarge the company's investor base and establish its position as a global brand. Citrine Global remains focused on executing the company's strategic business plan creating value for its stockholders.
About Citrine Global Corp.
Citrine Global, Corp. provides industry-wide solutions for innovative technologies, empowering the healthcare and wellness eco-systems to prosper by offering solutions and creating environments that inspire progress and growth. The multi-strategy solutions include financing, entrepreneurship, and business real-estate facilities.
Citrine Global, Corp. operates in the Israeli market via its subsidiaries CTGL - Citrine Global Israel Ltd. and Cannovation Center Israel Ltd., targeting the Israeli healthcare, wellness, food tech and medical cannabis industries.
The Cannovation Center business model is a unique, all-in-one platform, which is planned to have factories for producing medical cannabis, hemp, and botanical products; laboratories for production, research and development and clinical trials; and recycling, logistics, and an import/export distribution center. It is designed to support the medical cannabis eco-system, which requires interdisciplinary expertise and compliance with a wide set of regulations.
The Cannovation Center is planned to be built with Israeli government support, leveraging Israel’s leadership in cannabis innovation, and combine partners and companies from Israel and worldwide.
For inquiries and further information, please contact: email@example.com
Safe Harbor Statement
This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. For example, Citrine Global is using forward-looking statements when it discusses its intent to conduct a reverse stock split, subject to stockholder approval, its intention to list its common stock on the Nasdaq Capital Market and its belief that the proposed Nasdaq listing is a strategic stage in its growth targeted to potentially enlarge its investor base and establish its position as a global brand. These forward-looking statements and their implications are based on the current expectations of the management of Citrine Global only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this communication include, but are not limited to: trends in target markets; effects of competition in the Company's main markets; ability to establish and maintain strategic relationships in its major businesses; profitability of the growth strategy; and changes in global, political, economic, business, competitive, market and regulatory forces. Except as otherwise required by law, Citrine Global undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Citrine Global, reference is made to Citrine Global’s reports filed from time to time with the Securities and Exchange Commission.