In recent times, the Green Globe International Inc (OTCMKTS:GGII) stock has recorded considerable declined but it seems that the stock managed to catch a break on Thursday.
After having gone through a period of sustain selloff, the Green Globe stock made a recovery yesterday and went up by as much as 24%. There has been no fresh news about the company that might have led to this strong recovery but it might be a good idea for investors to take a look at past events and make up their minds about Green Globe.
Back in May this year the company had announced that it concluded an all stock transaction by way of which it acquired Hempacco Co Inc. At the time of the announcement last month, Green Globe announced that it issued as many as 70,312,160,174 shares of its own common stock to the shareholders of Hempacco in order to complete the deal.
The deal was accepted by Hempacco shareholders, who together held a 97.9757% interest in the company. In this regard, it should be noted that the long term consequence of this deal is yet to be fully revealed but the issuance of so many shares might have been the source of souring sentiments among investors.
Market Reaction:
On Thursday, GGII stock went up 23.50% to $0.0105 with more than 201.05 million shares, compared to its average volume of 225.95 million shares. The stock has moved within a range of $0.0079 – 0.0119 after opening the trade at $0.0089. Over the past 52-week, the stock has been trading within a range of $0.0001 – 0.1679.
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