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ASC halts purported sanitizer producer Softlab9

2020-06-29 17:01 ET - Street Wire

Also Street Wire (C-SOFT) Softlab9 Software Solutions Inc (2)

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by Mike Caswell

The Alberta Securities Commission has halted Rahim Mohamed's Softlab9 Software Solutions Inc., a supposed producer of hand sanitizer that has gone to $1.39 from 13 cents. The ASC cites "unexplained and unusual fluctuations" in the company's trading, among other things. A 15-day halt is in the public interest, the ASC says.

The halt is contained in a brief order that the ASC issued on Monday, June 29. The sole target of the order is Softlab9, a Canadian Securities Exchange listing that has been touting a disinfectant "fog" that can supposedly defend against viruses and bacteria. Softlab9 claims to be setting up a facility in Calgary that will be able to produce 24,000 bottles of disinfectant per day.

The ASC has provided little explanation for the halt, mostly citing Softlab9's trading. Prior to April 3, 2020, the stock was inactive, trading at 13 cents or lower on almost no volume. The company has steadily increased since then, reaching $1.39 on volume exceeding 100,000 shares on many days.

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