Micro Cap Soars Following $5.3M Sale Of Stake

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, July 20, 2022

Shares of a Florida-based micro cap are trading higher on Wednesday following yesterday’s after-market announcement that the company has sold its stake in VIBES Holdings LLC for $5.3 million in cash. Seeing that is nearly the total market cap of Greenlane Holdings Inc. (Nasdaq:GNLN), it’s no wonder that traders sought after shares today.

Greenlane Holdings Inc is a distributor of vaporization products and consumption accessories in the United States. It offers a selection of stock-keeping units including vaporizers and parts, cleaning products, grinders and storage containers, pipes, rolling papers and customized lines of premium specialty packaging. The company markets and sells its products in both the business to business and business to consumer sectors of the marketplace. Its geographical segment includes the United States; Canada and Europe. It derives a majority of revenue from the United States.

As mentioned, traders were eager to snatch up shares of this stock on Wednesday, pushing the price up to $0.2491/share (+28.27%) at the session high. This move was a breath of fresh air for long-term shareholders that have been hanging on during the downtrend this stock has experienced over the last year.

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