World Oil Group, Inc. (OTCMKTS:WOGI) announced today that it has canceled 2.12 billion or 71.8% of its common shares ahead of its first acquisition, leaving the issued and outstanding at 833,262,060 common shares. WOGI has also reduced its authorized shares down to 1 billion, from 5 billion.
Early Market Reaction
Shares of World Oil Group Inc are on the rise up 114% as of 10:30. The stock is trading at .062 up .034 so far on the day. Volume is a very heavy 31.5 million shares already triple its 30 day average trading volume. The market opened at .0309 and has ranged between .0028 and .064. Shares are trading at a new 52 week high.
CEO Claudio Aballay stated this reduction was done to accommodate the new company’s management which also plans additional cancellations of common stock. Our transfer agent will reflect these changes in the coming days and the Florida secretary of state is in receipt of our changes.
Claudio also stated that “World Oil Group, Inc. has no toxic debt and will not be doing a reverse split.”
Earlier this month World Oil Group filed both its 2019 and 2020 annual reports with the SEC.
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