On Tuesday the Caduceus Software Systems (OTCMKTS:CSOC) stock was trading within a range but at the same time it should be noted that the company made a key announcement yesterday and investors could do well to take a closer look at it. After all, stocks can often breakout quite strongly as well after having traded in a range.
Caduceus is best known for being the holding company that owns McLovin’s Pet Food Inc. Yesterday, the company announced that it cancelled a convertible note worth as much as $1707561. That was a major milestone for the company with regards to its debt situation and could prove to be a major positive in the long run.
The cancellation of the convertible note indicates that the company has managed to settle the debt in its entirety with the note holders. Caduceus noted that owing to the support from its investors it was able to cancel the debt in full.
Alex Chen, who is the Chief Executive Officer of the company, noted that the cancellation of this debt is a major milestone since it marks the last of the liabilities that the current management inherited from the previous management which was in charge of Caduceus.
