The stock of OMID Holdings, Inc. (OTCPINK: OMID) closed down -18.52 percent on Friday at $0.0880 and has been trading between $0.0860 and $0.1080 in day’s trade. The OMID stock increased over 32.33% in the last month, with average volume over 408.33K shares.

A three-month performance analysis shows OMID stock falling over -16.19% while its average volume was 330.68K. OMID stock experienced a 723.15% gain in the last 12 months, reaching a high of $0.1990 with a market cap of $8.47M. OMID stock plummeted as it announced reduction in its common shares.

OMID reduced its shares by how much?

Its FDA-registered clean room facility in Phillipsburg, NJ, is where OMID develops and manufactures various health and wellness products. In addition to cannabis extracts and other herbal ingredients, OMID offers a diverse portfolio of product categories. In all of its finished goods, OMID provides quality, integrity, and significant value with noticeable benefits for consumers.

In response to shareholder requests, OMID on Thursday completed the process of reducing the outstanding number of common shares. A total of One-Hundred-Four Million (164,000,000) OMID common shares has been removed from the outstanding stock as previously disclosed in March. The board of OMID intended to clearly show its support for the company’s long-term potential with this corporate action, the second share reduction of the year..

Purchase of Champ Life by OMID:

OMID recently completed the acquisition of Champ Life, a new health and wellness brand.

• OMID’s issued and outstanding share structure has not been altered as a result of this acquisition.
• The Seller will receive 5% of net revenues from sales of Champ Life as part of the transaction, supporting various activities relating to launching and growing the business.
• OMID management may eliminate this royalty if Champ Life achieves over $1,000,000 in net revenues in any calendar year following the sale of the brand.
• By adding nootropics such as herb and mushroom adaptogens to its product line, OMID will broaden its market reach and enhance product benefits.
• Management has cancelled personal shares in order to balance the shares issued in this acquisition in keeping with its commitment to shareholders.

How OMID will go through these developments?

The reduction in its common stock represents OMID’s ongoing commitment to make sure all shareholders remain loyal to its business. Moreover, Champ Life is OMID’s next step while the company aims to expand into the athletic and biohacking market, as well as continuing to focus on cannabis.