We’re always looking for up and comers here on Street Register, and Xalles Holdings Inc (OTCMKTS: XALL) fits that profile, with the month of May bringing a change of direction, and with this midweek bringing some newfound interest in the company’s stock.
XALL has been cleaning up its share structure, and gearing up for a proposed uplisting, and has been doing a pretty good job of keeping shareholders informed along the way. In roughly a month’s time, XALL both reduced its outstand shares by just over 69%, and just a few weeks later, further pared down its public float by half. A tighter share structure generally means generating liquidity and price action is much easier and we’ve already seen signs of that.
At the beginning of this month, Xalles Holdings Inc (OTCMKTS: XALL), also executed a Share Purchase Agreement for the acquisition of Co-Owners Rewards Inc., a consumer payment rewards company. Co-Owners Rewards is planning to launch a unique rewards program linked to consumer payment cards and mobile payments. Co-Owners Rewards Inc. is also the sole shareholder of Amazing Living Enterprises Inc., a network and referral marketing firm which currently distributes healthy consumer products, administrates an affiliate management program, and manages a prepaid card program for its members.
Amazing Living launched its Amazing Living Mall earlier this year. The “mall” is an e-commerce shopping experience that provides the consumer with access to over 1,200 major retailers and service providers, including Walmart®, BestBuy®, Home Depot®, Expedia®, and many others, but with the added benefit of receiving cash back rebates on each purchase.
“This acquisition gives Xalles two new, foundational building blocks in the consumer e-commerce and payments space,” said Xalles CEO, Thomas Nash. He continued, “We will continue to seek out strategic acquisition targets that will complement these businesses and add value to our company.” (Source: Globe Newswire)
That news was following last month’s acquisition of a blockchain development company, also acquired via share purchase agreement. The company this week announced that it would be taking another important step presently.
During the month of June Xalles will be working with its third party PCAOB certified Auditor to audit the historical financial statements of the companies that Xalles has recently acquired during the past 6 months in addition to the Xalles Holdings financial statements.
The goal of the auditing work that will begin in early June is to enable the company to return to its previous status of fully SEC Reporting. This step will be taken in preparation for the company’s plan to Uplist Xalles to the OTCQB. The company’s specialized SEC counsel is working with the Xalles management team to prepare the appropriate registration statements and other required documentation. The OTCQB market includes higher standards of transparency and will help Xalles accomplish two of its goals of shareholder liquidity and attraction of new investment capital. The company expects the Uplist process to be completed by August 2018.
The company is also exploring the options for a dual listing on an international exchange once the OTCQB Uplisting process has been completed. This will provide greater global investor access to the company’s securities. Xalles will continue to work in parallel to the auditing and Uplisting processes by acquiring new assets and assembling a team of skilled operators. (Source: Globe Newswire)
We would naturally adopt an added note of caution when speculating in a company in such a period of transition and evolution, but we are at the very least, interested in tracking the company’s progress toward coming current with its filings and commencing trade on the OTCQB. We’ll stay up on any further developments with XALL and pass them along to you! Stay locked on StreetRegister.com and be sure you’re signed up for our 100% free small cap newsletter. It’s as easy as that! Simply submit your primary active email address in the box below. Subscribe now!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in XALL stock, short or long.