Micro-cap Nabis Holdings Inc. surged from a penny to nearly a dollar over the course of a week before the stock was halted. Now a Canadian regulator says it will nix all those trades. The Investment Industry Regulatory Organization of Canada said all trades between Jan. 27 and Feb. 2 would be canceled. Short-selling was also ruled ineligible. “IIROC has made this designation in the interest of maintaining a fair and orderly market based on the fails relative to the number of shares outstanding,” according to a separate statement on short selling. IIROC and Nabis didn’t immediately respond to requests for comment. Nabis is a Canadian investment company focused on the cannabis sector, according to its website. Nabis completed a recapitalization last month under Canada’s bankruptcy act, and issued 3.7 million new shares along with some new unsecured notes, according to a statement.
Rob Meagher, Cannabis Business Executive – Cannabis and Marijuana industry news, 02/05/2021 08:04:00