The sole director and CEO of Majic Wheels Corp (OTCMKTS: MJWL), Denise S. Houghtaling, resigned on April 30, 2021. The new management took over the reins of Majic Wheels.
Submits an updated profile with OTC Markets
Majic Wheels will submit an updated profile with OTC Markets. It will also upload disclosure documents and financial statements to accomplish Pink Current Status. The company hired Transfer Online Inc as a transfer agent. It will stream the verified numbers to the profile page on OTC Markets.
Discontinues waste management services
The new management of Majic Wheels decided to discontinue the non-lucrative junk removal, cleanup, and waste management services.
Majic Wheels retained CPA for specific FASB and ASC standards and general accounting applicable to its industry/ SEC needs.
CPA holds expert knowledge in acquisitions and mergers and optimization of funds usage. It will also guide the restructuring of Majic Wheels.
Forays into Fintech and Software Development
The new management of Majic Wheels decided to enter the Fintech and Software development. It is holding discussions with a revenue-generating and merger candidate. The company is also conducting due diligence. Its board believes that its shareholders and the company will benefit a lot from this takeover.
Majic Wheels will explore aggressive growth acquisitions and expansion. The company positioned required financials to fulfill its ambitions.
Several nations begin accepting digital currencies despite the volatility in early 2020. Therefore, Majic Wheels expects to gain on this front in the future.
Launches new site
Majic Wheels will unveil a website to share the latest updates to its investors.
Huge shorts on the stock
The stock of Majic Wheels saw huge shorts of almost 68% in April 2021. Despite this bearish trend, the company posted a slow-moving marquee with the message “New Company launch soon.”
The message on its website is a significant catalyst. However, the bearish trend prevails and relevant for the investors to make informed decisions.
The short-sided transactions accounted for 344 million of the total transactions of 506 million shares. However, incorporation of new management and filing to become OTC Pink assumes significance.
But, Majic Wheels has not shared important information with the investors since the filing.