Tauriga Sciences Inc (OTCMKTS:TAUG) shares were down 2.86% to $0.0068 on Tuesday and flat in after-hours trading. The company has a market cap of $11.68 million at 1.56 billion shares outstanding. Share prices have been trading in a 52-week range of $0.00 to $0.01.
Tauriga Sciences Inc is diversified company that is engaged in acquiring and building a portfolio of technology assets and is focused on the development of technology platform in the nano-robotics space. In a press release, the company announced that it has filed its Form 10-Q for the period ending September 30, 2016 and, as a result, becomes current in its periodic reporting requirements with the Securities and Exchange Commission for the first time since July 2015.
The company was able to file its Quarterly Report on Form 10-Q for the period ended June 30, 2016, which is its first fiscal quarter last month, and expects to be able to file its next earnings report in a timely manner, making its reports current and its stock ready for uplisting. Tauriga Sciences Inc is currently working with OTC MARKETS concerning the uplisting of its shares from OTC PINK Limited Information Tier to the OTCQB upon the Company filing its Second Quarter Report status.
“Tauriga Sciences has clearly understood for the past 18 months the importance of becoming current with its periodic SEC reports. This has posed a substantial handicap to the Company with respect to its efforts to restore and create shareholder value. At this time, the Company can now re-focus its efforts on funding operations, winning the lawsuit, and progressing towards the point at which it can hopefully generate meaningful revenue,” remarked its CEO Seth Shaw. “The Company wishes to thank all of its shareholders for the support it has received under circumstances that were both difficult and undeserved.”
At the same time, the company has ongoing litigation against Cowan Gunteski and continues to progress towards its goal of trying the case in front of a jury in Federal District Court New Jersey. Tauriga Sciences Inc has maintained that the reason for its delay in filing and consequent delisting was due to malpractice by Cowan Gunteski Cowan Gunteski & Co. P.A. and Guntenski’s subsequent conduct.
In line with this, the company is compiling its expert reports to help quantify both direct and collateral damages suffered by shareholders and remains confident on the strength of its case as well as the evidentiary records and expects that it will seek at trial monetary damages that exceed $4,000,000.
Further progress in both its filing of the quarterly reports and uplisting could renew investor interest in this company and allow shares to break higher from its current consolidation. Also, a favorable outcome in its ongoing litigation and monetary compensation could significantly boost stock prices.