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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index inched up 0.25 point to 610.05 Friday. Namaste Technologies Inc. (N) lost two cents to 52 cents on 2.85 million shares. Yesterday, after the market closed, the company released its fiscal second quarter results. Namaste lost $8.63-million on revenue of $4-million in the quarter, compared with a loss of $10.27-million on revenue of $4.59-million in the first quarter. The subpar results continue what has been a difficult 12 months for the company. Namaste reached a high of $3.95 in the month before legalization last year before descending to today's closing price of 52 cents. Amidst its falling stock price, in February, Namaste's board of directors fired its chief executive officer, Sean Dollinger. The firing was the result of an independent committee's investigation into claims that a short seller report made about Mr. Dollinger. Namaste said it found an incident related to the sale of Namaste's United States subsidiary, Dollinger Enterprises U.S. Inc., in 2017 that warranted Mr. Dollinger's dismissal. There were subsequent transactions involving the subsidiary's assets that Mr. Dollinger had a beneficial interest in, as well as breaches of fiduciary duty by Mr. Dollinger.

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