Monday trading of OTC stocks has started much in the fashion we had been anticipated with many of you who grabbed LDSI before the open banking right now. However, a big surprise to many is Sky Power Solutions Corp. (SPOW) whose shares are already up 88.89% to 0.085 with $96,672 in dollar volume (1,410,846 share volume).
The spin-off from Li-ion Motors (LIMO) and producer of Cathode Material for use in Lithium ion batteries is but another company gaining huge attention from investors with the growth Apple Inc. (Nasdaq: AAPL) products. Or could it be that 75 million shares of SPOW were recently issued in debt convesions with a cost basis of $0.01813?
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Top OTC Stocks Traded Monday 9:45AM
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Just 10 minutes after the market open today, Sky Power Solutions announced that the company is now seeking to accelerate the completion of the commercial distribution agreement after recent pre-commercial testing of its solar concentrator. According SPOW, a recent test on its proprietary solar concentrator demonstrated a major increase in efficiency that will generate electricity even with a 70% cloud coverage.
About SPOW Stock
Sky Power Solutions Corp., following the merger with their wholly-owned subsidiary on April 5, 2011, continues to concentrate its efforts on further development of the lithium batteries technology licensed from Li-ion Motors Corp., the Company’s former parent.
According to OTCMarkets.com:
Market Cap: $1,120,829 a/o Jul 13, 2012
Shares Outstanding: 24,907,316
Authorized Shares: 110,000,000
However, 75 million shares were issued to 7 debt holders who received the shares via converted of their debt. (see here)
To view the SEC filings for SPOW, click here.
Bottom Line: This is one heck of a penny stock dump that traders are buying into today. With possibly more and more penny stock investors learning about this company and seeing today’s gains, there is a good chance SPOW has a decent run for the next few trading sessions
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