Stock Market Predictions
Bangalore (Global Markets) - Shares of Giga Capital Corp GIGh.V lost half of their value on Friday after it canceled a share offering and a board reorganization.
The capital pool company -- a company with no commercial operations or assets, other than cash -- said it did not get regulatory approvals for a $700,000 private placement and its proposal to replace all but one director on the board.
Shares of the company fell to 5 Canadian cents in early trade on the Toronto Venture Exchange.
Giga Capital also said it did not get approvals to continue the company into the province of British Columbia -- which means to bring a company under provincial laws and regulations on top of Canadian federal law.
The company still intends to seek shareholder approval for a six-to-one share consolidation at its annual general and special meeting at the end of August.
(Reporting by Abhiram Nandakumar in Bangalore; Editing by Prem Udayabhanu)
