Enerkon Solar International Inc (OTCMKTS:ENKS) stock ended lower on higher volume Tuesday. The company released news after the market closed. The stock could be in action on Wednesday.
Major Trigger:
Enerkon Solar International Inc. (ENKS) Announce Filing of Federal Action in Reno NV to invalidate 14.2 million shares in several previous transactions of former management and 2 service providers who did not perform
Key Highlights:
- ENKS issued the following statement through the Companies CEO MR. Benjamin Ballout who stated:
- “Enerkon Solar International Inc. (OTC PINK: ENKS) Announce Filing of Federal Action in Reno NV to invalidate 14.2 million shares in several previous transactions of former management and 2 service providers who did not perform.”
- ENKS Chairman Mr. Ballout further states that this aggressive action is a testament to our resolve in maintaining the heist level of good governance – compliance, and a zero-tolerance policy for any misbehavior from any commercial entities or individuals who may seek to misbehave in relation to ENKS or its equity.
- “While we have leave to amend the complaint to add others the defendants are comprised of former management or from before we took over the public company as we were a private firm initially, and others such as 2 service providers who failed to provide any services in exchange for payment in 2018-2019 0 this payment was in the form of restricted common stock and these shares are the ones we seek to have the federal Judge Invalidate and retire back to treasury of the company for the benefit of all current shareholders.
Market Reaction
In the previous trading session, ENKS stock down 1.70% to $0.5210. Total volume for the session stood at 703K shares, below its average volume of 494K shares. The stock moved within a range of $0.4950 – 0.6340.
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