What a coincidence: the penny stock of Sitoa Global Inc. (STOA) takes off running just days after the sprint and fall of Raystream Inc. (RAYS). Connected directly by a common denominator, Magna Group LLC, STOA stock took off like a bat out of hell this week after rumored news from March of the Company acquiring IRIS Corp. Berhad, a Malaysian listed Company, which is said to take place no later than June 30th. Seeing how traders were fooled on RAYS stock, it will be interesting to see how many suckers get drawn into to today’s surge which looks quite similar to the same one which took place at the start of 2013.
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STOA Stock Quote
Market Cap: 903.19K
Last: 0.007 ▲ +0.0034 (+94.44%)
Dollar Volume: $613,500
Issued and Outstanding: 129,027,609
1st Resistance Point: 0.0092
1st Support Level: 0.0042
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Back in the beginning of 2013, Sitoa Global was the headline sub-penny runner without any news shortly after Magna Group LLC filed their 13D. Running from the subways into near nickel land, STOA stock never saw the type of volume it experienced today: the same type of volume RAYS stock displayed last week when everyone was suckered into that re-treaded POS.
Specializing in providing e-commerce solutions and services that facilitate multi-channel B2C (business-to-consumer) and B2B (business-to-business) transactions, Sitoa Global, as of their Q1 filing, is still putting up the numbers in the revenue column: nearly $1M per. However, one need not think too hard to determine that if the issued and outstanding is just 129M, as per the Company’s current SEC filings, then how the hell did nearly the exact same amount trade today?
As one can see by viewing the most recent Q filing, from January 7, 2013 through March 29, 2013, $153,000 in principal pursuant to convertible debenture notes was converted by the note holders into 55,297,013 shares of the Company’s common stock. That works out to be $0.0027 per share. Congratulations on helping Magna Group LLC and Asher Enterprises dump their shares onto the market by way of an iHub pump.
About STOA Stock
Sitoa Global, Inc. specializes in providing e-commerce solutions and services that facilitate multi-channel B2C (business-to-consumer) and B2B (business-to-business) transactions by which the Company’s solutions and services enable e-commerce transactions with speed and efficiency, and allow an interactive and engaging customer experience as well as targeted marketing and advertising.
Click here to view the SEC filings for STOA.
Click here to view the non existent website for Sitoa Global.
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Traders who got in and out of STOA today absolutely crushed this one out of the park for some better than respectable gains on a day when only a hand full of cheap stocks offered even half that amount in percentage gains. Can STOA stock survive to be a true penny stock and make it back to the .01 range and above that it last visited in February? Look at RAYS from a week ago and tell me what you think.
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