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How India Globalization Capital, Inc. (OTCMKTS:IGCC) is Reclaiming Respectability

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One stock that exploded higher to close out last week was India Globalization Capital, Inc. (OTCMKTS:IGCC). The action was spurred by a very clear headline catalyst that gets right to the root of the issue for shareholders in the name over recent months: the company just announced that it has successfully challenged NYSE American’s decision to delist the common stock of the company from trading on the Exchange under the Exchange’s appeal procedures.

According to the release, “In a written decision issued on February 20, 2019, a review panel of the Exchange unanimously ruled to set aside the Exchange’s October 29, 2018 decision to delist the Company’s common stock, finding that the Company has not discontinued the business it conducted at the time it was first listed on the Exchange. In addition, the panel unanimously found that the Company provided evidence sufficient to rebut the Exchange’s claim that the Company or its management had engaged in conduct contrary to the public interest.”

India Globalization Capital, Inc. (OTCMKTS:IGCC) frames itself as a company that engages in the development and commercialization of cannabis-based therapies to treat Alzheimer’s, pain, nausea, eating disorders, several end points of Parkinson’s, and epilepsy in humans, dogs, and cats.

The company operates through two segments, Legacy Infrastructure and Medical Cannabis Based Alternative Therapies. The Legacy Infrastructure segment trades in infrastructure commodities, such as steel and iron ore; and rents heavy equipment.

The Medical Cannabis Based Alternative Therapies segment offers IGC-501 for indications of neuropathic pain; Serosapse for indications of Parkinson’s and other central nervous system disorders; Caesafin for seizures in cats and dogs; and Natrinol for indications of cancer and AIDS induced nausea and vomiting, as well as Hyalolex for Alzheimer’s patients.

The company was founded in 2005 and is based in Bethesda, Maryland.

According to company materials, IGC has two lines of business: infrastructure and hemp-derived medical cannabis//industrial hemp. The company is based in Maryland, U.S.A.

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As noted above, IGCC just announced that it has successfully challenged NYSE American’s decision to delist the common stock of the company from trading on the Exchange under the Exchange’s appeal procedures.

The chart shows nearly 460% added to share values of the name over the past month of action. Moreover, the listing has benefitted from a jump in recent trading volume to the tune of just shy of 400% over the long run average.

“We are very pleased that the Exchange procedures allowed us the opportunity to challenge the decision to delist and to present our case to a review panel. We are happy with the result, and we believe the decision accurately shows our efforts to continue and expand our operations within our two existing business lines: our infrastructure business operating primarily in Asia; and our legal medical cannabis business/industrial hemp in the United States and elsewhere,” stated Ram Mukunda, CEO.

Currently trading at a market capitalization of $75.61M, IGCC has a significant war chest ($27M) of cash on the books, which compares with about $534K in total current liabilities. IGCC is pulling in trailing 12-month revenues of $4.7M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 68.6%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $IGCC stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $IGCC, either long or short, and we have not been compensated for this article.

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