After making big moves over the past few weeks, Green Globe International (OTCMKTS:GGII) stock is seeing heavy profit booking recently and the stock has fallen almost 70% from its recent peak.
Green Globe International (GGII) and Hempacco Announce Potential Consolidation
- GGII announced that Green Globe and a majority of the shareholders of Hempacco have entered into a share exchange agreement pursuant to which Green Globe would acquire Hempacco in consideration of the issuance of 70,312,160,174 shares of common stock of Green Globe to Hempacco’s shareholders.
- Shareholders representing 97.9757% of Hempacco’s outstanding shares have signed the share exchange agreement, and Hempacco expects that the remaining Hempacco shareholders will sign the share exchange agreement in the coming days.
- Hempacco is a leading manufacturer and marketer of Functional Smokes™ Fast Moving Consumer Goods (FMCG) flag shipped by Herb and Hemp Cigarettes. To further their mission of Disrupting Tobacco™, they are going public by “reverse acquisition” with Green Globe (assuming the transaction closes).
- This step should provide Hempacco with the means to raise capital and pursue potential acquisitions of promising hemp cigarette brands and other companies that can further their mission of Disrupting Tobacco™.
“Going public may allow Hempacco to raise capital and potentially acquire some great companies,” said Sandro Piancone, Founder and CEO of Hempacco. “The top two reasons to take a company public are to raise capital and make acquisitions, and we believe we’re well on our way to do both,” Sandro concluded.
Market Action
As of 11:20,GGII stock has moved down by27% at $0.0545. The stock has traded 224.46 million shares, above its average volume of 172.42 million shares. The stock opened at $0.0751 and moved in a range of $0.0505 – 0.0760.
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