Freedom Holdings stock drops after acquiring Carbon Zero in all-stock deal

Freedom Holdings (OTCPK:FHLD) stock slides 13% after closing on the acquisition of Carbon Zero Asset Management in a stock-for-stock exchange. Freedom (OTCPK:FHLD) will issue almost 312M of its shares to acquire all of Carbon Zero, a fintech that uses the Ethereum-based blockchain for a carbon credit trading system. "Carbon Zero is building a programmable carbon ecosystem that will allow carbon credit market participants a tokenization process to digitize carbon credits securely," Freedom Holdings said in a statement. Separately, Freedom Holdings (OTCPK:FHLD) clarified that it's not delinquent on its SEC filings. The deadline for filing its annual report for the year ended Sept. 30, 2021 is today, Dec. 30, 2021. However its will file for an extension as a result of changing its auditor. On Wednesday, the company announced its binding agreement to acquire Carbon Zero, but hadn't disclosed the transaction's terms.