The penny stock of Pan Global Corp. (PGLO) is on fire today. Prior to the open, $138,585 was traded, 468,000 shares, within 40 trades on PGLO stock, a ticker which had only 3 prior trading sessions to today. Having just announced plans to to acquire a small hydroelectric power plant based in India, the environmentally sustainable energy focused development stage company is drawing attention to itself better than any other fresh ticker on the OTC today.
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PGLO Stock Quote
Market Cap: 145.65M
Last: 0.32 ▲ +0.07 (+28.00%)
Dollar Volume: $736,176
Issued and Outstanding: 455,155,000
14-Day Rel Strength: N/A
1st Resistance Point: 0.3403
1st Support Level: 0.3093
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Focused on the land of curry, Pan Global’s decision to acquire a Hydro Electric Plant in India should come as no surprise to those who were tracking PGLO when it suddenly started trading again last week. Bharat Vasandani, Pan Global Corp.’s President, Chairman, CEO and CFO, has focused his career on India’s renewable energy and green building sectors since his career commenced at an Indian plastic manufacturing company, Jyotika Industries, in October, 2001.
With just $9,822 in the bank as of June 30, 2013, it may be difficult for the relatively fresh company to throw any kind of cash towards the immense amount of hydro-electric potential India offers. What is somewhat encouraging though is that during their Q2 ended June 3, 2013, Pan Global did manage to book $15,000 in revenues from having Pan Asia Infratech Corp. now as a bookable subsidiary.
What is discouraging though is the amount of convertible notes payable Pan Global carries on their books which stemmed mainly from their previous business, Savvy Business Support, Inc. (SVYB). It might not be much, just $318,000, but with Series A, B and C Preferred shares available to somewhat disguise dilution, longing PGLO for anything more than a day or two could turn a Slumdog Millionaire into a Slumdog if attention isn’t paid closely to the bid/ask.
About PGLO Stock
Pan Global Corp., after acquiring Pan Asia Infratech Corp., is a development stage company determined to develop projects in renewable energy and energy efficiency technology that comprise innovative solutions for basic infrastructure.
PGLO banged it out quick pre-market to make a huge impression on anyone thinking about trading the penny stock today. Since momentum like today can’t last forever, look for he dip under 0.30 before atempting to take a position in what could be a week long ride on PGLO stock.
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