1st NRG Corp. (OTCMKTS:FNRC) Moves Its Largest Volume Ever on Pumps
After spending six months in a row without any pumps, quietly trading under one cent, 1st NRG Corp. (OTCMKTS:FNRC) is now once again targeted by pumpers, and it shows. Yesterday the ticker traded its largest share volume ever, moving 83.6 million shares and closing 33% up, at $0.004.
The last round of pumps for FNRC came out in May 2013, months after 2012 pumps managed to destroy the ticker and push it from half a dollar per share to under $0.01. Now there’s a brand new batch of pump emails, timed right along with a press release from the company after months of complete silence.
Yesterday FNRC announced it will start drilling the Wyoming methane properties it has a working interest in. The promoters had started warming up the ticker for traders as early as the weekend, with 11 tout emails coming on Sunday, sent against varying compensation. The pumping continued into Monday’s trading, with promoters picking up the PR released before the opening bell.
It seems enough traders were excited by the combination of broken silence on part of the company and the concentration of pump emails and the ticker managed to move over 83 million shares. This figure suddenly pales in comparison when looking at the 16.7 billion outstanding shares FNRC had as of June 2013. The company’s latest report is not exactly brilliant either:
- $32 thousand in current assets, mostly comprised of cash
- $6.7 million in current liabilities
- $7 thousand in quarterly revenues
- $271 thousand in quarterly net loss
The $14 million in restricted cash are still on the company’s balance sheet and it’s still not entirely clear why they can’t tap into the resources and what conditions exactly FNRC needs to meet in order to be able to use the cash.
Taking into account the volatility of sub-pennies, the recent focus-fire from pumpers who somehow had the prescience to sense a PR was coming on Monday, and the limited resources and revenue generation capabilities of FNRC, traders may want to be particularly careful when looking at this one.
Other tickers that moved in double-digit percentages in Monday’s session include Biozone Pharmaceuticals, Inc. (OTCBB:BZNE) who dropped 11% to a close of $0.75 per share. 3D Eye Solutions, Inc. (OTCMKTS:TDEY) managed a 14% green close, arriving at $0.008 per share.
