After filing their articles of incorporation from 2000 and updating their financial reporting status with OTCMarkets today, Solanbridge Group Inc. (SLNX) ten bagged the tea baggers. Shares in the penny stock were given rocket fuel at lunch and took off around 1:30pm and have yet to look down once. Considering that SLNX stock was flatlining for months, today’s activity is a concrete foundation for the real estate acquisition and management fcused Company.
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SLNX Stock Chart
Market Cap: 462.25K
Last: 0.033, up 0.03 (1,000.00%)
Dollar Volume: $41,323
Average Trade Size: 29,639
Issued and Outstanding: 18,576,746
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Other than updating all their filings, including their articles of incoporation, by laws, and name change which was actually filed with the SEC in 2011 (see here), nothing spectacular took place to cause the shares to take off so quick.
The updated filings are not even current with just figures dated up to December 31, 2009. At least on the SEC filings, you can get data filed up to the period ended September 30, 2010.
UPDATE: Just after our real-time publishing of SLNX and the data which was available at the time, SolanBridge Group filed their current financial statements for the nine months ended September 30, 2012 (see here):
Total assets, including cash, was $0. Not what you would expect to see from a Company that just ten-bagged. From the beginning of 2011 to September 30, 2012, 500,000 shares were reported to have been issued for services in 2011 at $0.02 per share and 2,416,666 were reported to have been issued for cash in September, 2011 at $0.02068 per share.
To date, the Company’s only activities have been organizational, directed at acquiring a principal asset, raising initial capital and developing its business plan accordingly. At Present, according to the updated financial report, the Company has no employees and relies upon its officers and directors to further its affairs without any compensation.
Translation: SLNX is, for lack of a better word, a shell.
About SLNX Stock
Solanbridge Group Inc. operates as a diversified holding company with interests in real estate acquisition and management. It has an option to purchase certain real estate assets, which consists of a 191 unit apartment complex on Cambridge Street in Las Vegas, Nevada; and two 4-story apartment buildings in Brooklyn, New York.
Bottom Line: Something fueled the surge in Solanbridge’s penny stock Thursday and it surely wasn’t anything pertaining directly to SLNX. The SolanBridge Group website is different than the one file with Yahoo Finance and the activity on SLNX just doesn’t seem worthy of a ten-bagger day for a company that runs a couple of rental buldings.
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