Golden Matrix Group Inc. (OTCMKTS:GMGI) Gets A Pump
Golden Matrix Group Inc. (OTCMKTS:GMGI) finally managed to step out of illiquid obscurity yesterday. Too bad that turn of events lasted so little and was only made possible by a paid pump.
In many ways, GMGI is the quintessential OTC Markets paid pump-job. What we have here is a company with next to no assets to its name and no cash in its pockets. Unsurprisingly, said entity has millions of dollars worth of debt weighing it down – and most of that debt converts at rates of $0.001 per share.
The fact that GMGI has so much toxic convertible debt outstanding should ring a bell – and, true enough, once investors take the time to look, it becomes quite clear that the company has an extensive history of stock-related shenanigans.
The fact that GMGI has had to perform TWO monstrous reverse splits (2000 for 1 and 1500 for 1) in the last three quarters in order to retain even an ounce of liquidity speaks volumes about how GMGI does business.
Investors are advised to note how the first of those splits happened just after the company experienced a rush of attention, similar to the one that happened yesterday, and think about what that says about GMGI‘s practices.
And if all of this wasn’t suspicious enough, GMGI is currently being touted by the entity that’s behind such infamous pumpers as EpicStockPicks and the aptly named TheWolfOfPennyStocks.
With this in mind, it should not be that difficult to discern exactly what’s going on here, as well as figure out why GMGI‘s ascent up the charts yesterday lasted little more than half a session, as well as why the company’s market cap is currently as low as $13 thousand, and where the ticker will be headed next.