Shares Soar as Firm Changes Course on Reverse Split

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Monday, August 5, 2024

With markets tumbling, finding a firm that is advancing is no small feat. But that’s exactly what shares of this company are doing after announcing it would not do a reverse stock split.

Accredited Solutions, Inc. (OTC: ASII) is the parent company of Diamond Creek Water, an ionized alkaline bottled water distributed in major grocery and convenience store chains. The firm announced in a press release today that it has decided against a reverse stock split of its common stock and will not increase the number of its authorized shares.

CEO, Mr. Eduardo Brito, had this to say about the change of course. “Based on market comparables, particularly the revenue multiples of similar premium water brands, we believe our Diamond Creek Water asset is significantly undervalued, especially in light of our recent partnership with Apokar. Moreover, we acknowledge that we have not effectively communicated the next stage of our growth strategy and our plans to diversify our asset holdings through strategic and profitable acquisitions in e-commerce to our shareholders. This strategy will become clearer in the coming weeks and months as we begin executing on these plans and properly inform our shareholders. In addition, as we conclude the first stage of our company's turnaround plan, we will expedite and finalize our ongoing negotiations with our convertible debt holders in the coming days.”

Shares were trading up over 66 percent in afternoon trade.

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