When a company decides to change its name officially in order to have rebrand then it generally leads to a spike in the stock price and that is what seems to have happened with the Infinity Energy Resources (OTCMKTS:IFNY) stock.
On Wednesday, IFNY stock fell 4.50% at $0.42 with more than 33k shares, compared to its average volume of 5k shares. The stock has moved within a range of $0.2900 – 0.4500 after opening the trade at $0.4450.
Announces Results of Annual Shareholders Meeting Including Name Change to American Noble Gas, Inc.
Last week on November 1, the stock was in focus among investors after it announced at its Annual Meeting of Shareholders that it had decided to officially changed its name to American Noble Gas Inc. The development seemed to have come as a source of significant optimism for investors and led to a strong rally in the stock. Over the course of the past week the stock has soared by as much as 47% as a consequence.
The company is going to remain an independent oil, noble gas and natural gas exploration outfit. At the time, the company also announced that it had submitted all the necessary documents pertaining to the name change. In addition to that, the ticker symbol of the stock is also going to be changed to AMNG. The name change is meant for reflecting its expansion into the production, development and exploration of helium as well as other minerals.
Stanton E. Ross, Chairman and Chief Executive Officer of AMGAS remarked: “The Company couldn’t be more excited to announce its strategic focus on the exploration, development and production of noble gases. The name change that our shareholders approved at the annual meeting represents just the beginning of our transformation from a traditional oil and natural gas production company to a leading producer of noble gases. We believe that potential rewarding resources of helium and perhaps other noble gases are present on our Central Kansas Properties. Helium is a rare noble gas with considerable value relative to natural gas (methane). It is used in many high-value applications such as MRI coolants, space exploration and microchip manufacturing. The world is currently facing a well-publicized shortage of helium and other noble gases and the world needs helium. The company will continue testing gas and the brine that is produced from its Central Kansas Properties test well and report such analysis in updates to follow,” concluded Mr. Ross.
IFNY stock is trading above the 20-Day and 50-Day Moving averages of $0.35 and $0.33 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.27. The stock is up 90% over the past 3-month.