OWC Pharmaceutical Research Corp. (OTCQB: OWCP) operates as an Israeli-based cannabis and medical research company. Shares of the cannabis company rallied 8.33%, through afternoon trading on Friday, June 16, 2017. Over the past month, OWC Pharmaceutical Research Corp. has seen average daily volume of 823,191 shares. However, volume of 454,031 shares or dollar volume of $265,608, has already exchanged hands on Friday.
Shares of OWC Pharmaceutical Research Corp. are rallying today, after the company filed an 8-K detailed about the resignation of Shmuel De-Saban as CFO. Management says they plan to appoint a new CFO by July 2017. Until then, Chairman and CEO, Mordechai Bignitz, will serve as interim CFO. Here is part of the 8-K detailing of the management shake up:
OWC Pharmaceutical Research Corp. 8-K Filing:
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 12, 2017, OWC Pharmaceutical Research Corp. (the “Registrant”) accepted the resignation of Shmuel De-Saban as Chief Financial Officer of the Registrant and its wholly-owned Israeli subsidiary, One World Cannabis Ltd, positions he has held since his appointment in June 2014. In Mr. De-Saban’s letter of resignation, a copy of which is attached as Exhibit 17.5 hereto, Mr. De-Saban stated that “the reason for my resignation is to permit me to pursue other business interests. I have had no disagreements with the operations, policies or practices of the Registrant or its subsidiary.”
The Registrant anticipates appointing a new CFO on or about July 1, 2017, until which date Mr. Mordechai Bignitz, who is the Registrant’s CEO and Chairman and is also a CPA and accountant by education and training, will serve as Interim CFO.
Here is the link to the full 8-K filing: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12129436