If ever the day when electric vehicles becomes the norm, the penny stock of Green Automotive Company (GACR) could actually be of some value for traders with a lot of patience. Hoping once to bring the all-electric Zotye Sport Utility Vehicle to the U.S. market, GACR stock got dropped like a bad plate of macaroni salad last week after reporting that investors shouldn’t rely on their previously filed financial statements. While the four wheel plus people mover market might be too costly at present to be worth pursuing, perhaps the 30+ million e-bicycles to be sold this year might give traders a reason to pedal around the idea of a position.
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GACR Stock Quote
Market Cap: 66.38M
Friday Close: 0.1899 ▼ -0.0500 (-20.84%)
Authorized: 1 billion
Issued and Outstanding: 349,574,514
14-Day Rel Strength: 46.27%
14-Day Stochastic: 39.23%
1st Resistance Point: 0.1978
2nd Resistance Point: 0.2058
1st Support Level: 0.1741
2nd Support Level: 0.1584
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Green Automotive Company filed an amended 8-K/A earlier today stating: On or about May 20, 2013, during the preparation of our financial statements for our Annual Report on Form 10-K for the year ended December 31, 2012, and our Quarterly Report on Form 10-Q for the period ended March 31, 2013, our management became aware that our financial statements for the period ended September 30, 2012, included in our Form 8-K filed with the Commission on December 20, 2012, and with our Amended Form 8-K/A filed with the Commission on January 15, 2013, are materially incorrect and should not be relied upon.
That’s never good news for a penny stock and why adding GACR stock to the watchlist is appropriate at this time. A month ago, the Company acquired a 30% stake in Powabyke EV Ltd, a UK based Electric Bike business, from Metroelectric PLC. The market for the e-bikes is forecast to grow globally from 31 million in 2013 to 38 million in 2020 and Powabyke, one of the oldest and most respected brands in the Electric Bike sector,has yet to start retailing its products in the U.S. market.
What’s even more encouraging about adding GACR to the list of penny stocks to watch is that, On June 12, 2013, Ian Hobday, one of the directors of Green Automotive Company, appeared on Fox Business. Now, we all know that not every penny stock gets that kind of exposure, another reason why watching this could prove to be a valuable move.
About GACR Stock
Green Automotive Company is a state-of-the-art niche vehicle design, engineering, manufacturing, and sales company, driving innovation in the use of cutting edge zero and low emission technologies.
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GACR stock has a ways to go still before becoming a good penny stock to buy. Once the amended SEC filings are in to see whether or not the changes to previous filings are material or not, GACR stock could be a half decent candidate for another reverse stock split which would surely tighten up the slack within the share structure and make the MM’s work that much harder at keeping the price down.
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