Shares of SOHM, Inc (OTCPK:SHMN) are sprinting forward in Tuesday trading, as the nanocap company tossed out two pieces of news for investors to chew on. Just last week, the Chino Hills, CA-based company put the nix to a reverse split and said it plans to launch a new protein supplement with multi-vitamins called I-Prolec, into the U.S. markets, ending over a year's worth of radio silence.
Today, the generic pharmaceutical manufacturing and marketing company told the investing community that it relaunched its flagship skincare product, FoHM by SOHM™, a rejuvenating, cleansing, and clarifying facial foam powered by SOHM’s proprietary formula Salic2™. After what was reported to be a positive response from an initial launch in 2013, the product was shelved "due to unavoidable circumstances."
The company wasn't done there. In what very well could be one of the shortest press releases of all time, management only disclosed (and we quote), "SOHM, Inc., (PINKSHEETS: SHMN) To enter ico bitcoin market. Updates to follow within a couple of days."
That may seem a bit odd for a company in the pharma space, but maybe investors will be enlightened in "a couple days" about the clandestine endeavor.
All things being equal, shares of SHMN, which essentially were non-traded before last week, have doubled in value during Tuesday trading as of 1:30 p.m. ET. About 500 million shares have changed hands, taking the stock to $0.0014 from $0.0007 at Monday's close.