The Cybernetic Technologies (OTCMKTS:HPIL) stock was one of the major gainers on Tuesday after the company made an announcement in relation to the reduction of its number of authorized shares.
The company announced that it filed the requisite documents by way of which the number of authorized shares in Cybernetic is going to be reduced to sixty billion from 200 billion. That is a massive reduction and hence, it was no surprise that the Cybernetic stock soared by 29% yesterday after the news broke.
The Chief Executive Officer of the company Stephen Brown spoke about the move from the company and revealed why it was necessary. He stated that the move was necessary in order to take care of any perception issues about Cybernetic. In addition to that, he stated that a reduction in the number of shares will also help it in making acquisitions. Considering the gains made by the stock it might be a good move for investors to put Cybernetic in their watch lists for now.