The reason for the consolidation is often important:
When penny stocks keep issuing and raising, then consolidating as they burn the $$, they often get a bad name and the consolidation can be a cause for a further downgrading. End result, lower market cap.
Some companies with a decent market cap and good prospectives, but for various reasons a large number of shares outstanding, want to move their SP into a band where they are not seen as a penny stock. End result, market cap trending upwards.
Lithium Related News, page-69
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