Not too long ago the Green Globe International Inc (OTCMKTS:GGII) stock had been in the middle of a strong rally but things have changed quite dramatically over the course of the past month.
Yesterday, the Green Globe stock continued to suffer from a selloff and went down by 50%. That took the losses over the course of the past month to as much as 85%. In this context, it is important for investors to take a step back and take a closer look at some of the events from last month.
Last month it was announced that Green Globe would completed the acquisition of Hempacco Co Inc in a deal that is going to be completed entirely in stock. It was announced that in order to complete the deal Green Globe was going to issue as many as 70,312,160,174 shares of its common stock to Hempacco shareholders.
More importantly, shareholders who have a combined holding of 97.9757% in Hempacco had signed up for the share exchange agreement. While the long term effect of the deal remains to be seen, it does not seem that the market is particularly excited about this transaction from Green Globe. It remains to be seen if the stock can make a recovery in the coming days.
Market Reaction:
On Wednesday, GGII stock went down 18.27% to $0.0085 with more than 258.65 million shares, compared to its average volume of 223.44 million shares. The stock has moved within a range of $0.0078 – 0.0096 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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