Global Earth Energy, Inc. (OTCMKTS:GLER) Makes a Big Jump
After a long period of trading in the tripple zeros, the stock of Global Earth Energy, inc. (OTCMKTS:GLER) finally stepped up into the double zeros zone yesterday, after the company made an interesting press release.
They announced that they have signed a definitive agreement with Hawk Manufacturing, Inc. who will acquire GLER and the deal is expected to be closed in the next 10 business days. The management team will also be changed with this reverse merger, but Sydney and Betty Harland will remain in the Board of Directors of the new entity.
Also, the company will apply for a name and symbol change in order to be traded as Hawk Manufacturing, Inc. Probably this was the reason for yesterday’s massive jump with which the stock gained 116% closing at $0.0013 in value on a huge volume. The total amount of shares traded in the session came at 637 million and generated $704 thousand in dollar volume.
This is kind of strange since just 2 days ago GLER posted their financial report for the period ended November 30, 2013 and things don’t look good.
current assets: $0
total liabilities: $6.9 million
net loss: $1.2 million
And yet again, the ticker made this incredible jump. But where will it go from here. Having in mind that this was most probably due to the reverse merger hype, investors might pretty soon lose interest and we might see a serious correction.
This is a very good reason for you to do your due diligence and weigh out the risks before making a decision to invest in GLER.
PPJ Enterprise (OTCMKTS:PPJE) wasn’t as fortunate as GLER in yesterday’s session and lost 29% of its value. On the other hand Growlife, Inc. (OTCBB:PHOT) made its first jump in price after the long period of descending with a 18% gain.