Shares of Pledge Petroleum Corp. (OTCMKTS:PROP) are on the move Monday morning after the company filed an 8K disclosing a change in directors.
As of 10am shares of PROP were trading at .0169 up .0124 for a gain of 275% so far on the session. Volume was 2.8 million shares. While this is not significant dollar or trade volume it is well above its 30 day average volume of 71 thousand shares a day. The stock opened at .00615 and quickly ran to .045 up over 600% at that point but the shares gave up most of the gains quickly.
So why the big jump and new interest? Well if we take a look at the OTC markets profile page for PROP we notice the stop sign warning investors the company is delinquent in its filings.
Today’s 8K was the first filing or news or sign of activity for PROP in 4 years. Investors may be speculating that this company will come back to life and eventually become current again.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Christopher Headrick resigned as an officer and director of Pledge Petroleum Corp.
Stay tuned to PROP in the coming weeks to see if the company continues to issue news or make additional filings.