On February 28, shares of GBS Inc. (GBS) stock made a comeback in the after-hours following an SEC filing. As per the filing, Prof. Jonathan Sessler has resigned from the company’s board of directors. Furthermore, the resignation was not due to any disagreement with the company.
The stock suffered a loss of 8.82% in the regular trading session at its closing price of $0.4600. GBS stock’s day range varied between $0.4360 and $0.5200 while 753.44K shares exchanged hands. The day’s volume was below its average at 75%. Following the SEC filing, the stock rebounded in the after-hours to add 32.61%. Hence, GBS was trading at a value of $0.61 per share in the after-hours on Monday.
The biosensor diagnostic technology company, GBS Inc. is a subsidiary of Life Science Biosensor Diagnostics Pty Ltd. Currently, its 14.88 million outstanding shares trade at a market capitalization of $7.51 million.
GBS stock Movement Analysis
On February 11, the company reported its Q2 fiscal 2022 financial results. Following the results, the stock continued to go down till reaching a new low of $0.3810 on February 23. The new low price resulted in a comeback of the stock as investors seemed to have found it as a good buying opportunity. After that, GBS stock surged up for two days to once again suffer a fall. The stock was in a downtrend on Friday and the regular trading on Monday. The company filed the current report of Form 8-K regarding the resignation of the director on Monday. Following this, the stock rebounded once more.
Fiscal Q2 2022 Results
The company’s Q2 fiscal 2022 ended on December 31, 2021. In the quarter the company suffered from a preliminary net loss of $3.46 million. This compares to a net loss of $1.99 million in the year-ago period. Resultantly, the net loss per share was $3.46 and $0.23 in Q2 fiscal 2022 and fiscal 2021, respectively.
Moreover, GBS ended the quarter with cash, cash equivalents, and marketable securities of $11.9 million. Comparatively, the same was $12.57 million on June 30, 2021.
GBS’ Recent Participation
In January 2022, the company participated in two virtual investor conferences.
Firstly, in the 11th Annual LifeSci Partners Corporate Access Event which took place on January 07, 2022.
Secondly, in the H.C. Wainwright BioConnect Virtual Conference, which took place from January 10 to 12, 2022.
The company’s interim CEO and Chairman of Board, Dr. Steven Boyages along with other members of the management team participated in the conferences.
