The intent is to prepare for the anticipated increase in questions from shareholders in the next couple of days. The company, known for its equipment in the urban gardening industry, will be coming off of a temporary suspension by the Securities and Exchange Commission.
Shareholders can call the Shareholder Support Hotline at (866) 632-3111 or email at firstname.lastname@example.org.
The SEC had temporarily suspended GrowLife, Inc. earlier this month because of "...questions that have been raised about the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in PHOT’s common stock.”
Many reports have the suspension's expiration as of today, but no reports have come out stating the stock is back in action.
The company released a statement today saying, "The additional staffing will allow GrowLife to better provide available information to investors in coming days when call volume is expected to be higher than usual following the Company's temporary suspension from trading. "
Since the suspension April 10, GrowLife also lost few partners. Creative Edge Nutrition Inc. (OTCMKTS:FITX) announced April 15 the end of its relationship with GrowLife, Inc. Creative Edge is engaged in the development, marketing and sales of nutraceuticals and health supplements. Along with Creative Edge, RXNB, which deals in cutting-edge systems in the field of agriculture, applicable to medical marijuana, also ended their relationship. Canadian medical cannabis supplier CEN Biotech also cut ties with the company.
GrowLife CEO Scott Sterling said via press release today they're doing everything they can to keep shareholders in the know.
"We understand that these are trying times for our valued investors and are accordingly adding this dedicated support line and email to increase our ability to support our shareholders," he said.
Along with the new options for communicating with their shareholders, the company also issued an open letter to Shareholders this month stating the company, "...did not have any advance knowledge, hint or warning. GrowLife learned of the SEC's actions at the same time that the market did on April 10th." It also clarifies they didn't know what caused the suspension and "...the SEC is not obligated to immediately provide information to GrowLife or its shareholders."
On Apr. 9, PHOT shares closed at 50 cents down 3 cents from its closing price of 53 cents the previous day, on volume of 28.4-million shares.