Frozen Food Gift Group, Inc. (OTCMKTS:FROZ) Continues Its Crash
Frozen Food Gift Group, Inc. (OTCMKTS:FROZ) had fluctuated around $0.10 for no less than 11 sessions, before PR pushed it up on April 10. The momentum it gained at that point is now gone, and with nothing else pushing it upwards, the company is currently crashing, hard.
FROZ had initially risen on the news that it had completed a share exchange agreement with APT Group, Inc. – a company that provides “environmentally friendly transportation, recreation and utility powersport products”. While the news that it is being bought out completely do sound intriguing, FROZ doesn’t seem to be in a big hurry to declare what it has gained through the reverse-merger.
This silence has already cost the company much of its market value. Yesterday’s session alone took FROZ another 19.78% down, the ticker getting pulled to the red zone by the filing the company did make. And the annual report for the period ended Dec 31 2013, that came out at the last possible moment, certainly proved a drag for FROZ:
- Cash – $1 thousand
- Total assets – $2.7 thousand
- Total current liabilities – $1.25 million
- NO REVENUES FOR 2013
- Annual net loss – $560 thousand
As it is, the only question is why the company didn’t crash faster and harder once its dreadful financials hit the wire. True, after the reverse merger FROZ is an entirely different entity from before, but is the change for the better?
Investors might want to do extra due diligence and maybe wait until a further filing on the matter hits the web, before committing to FROZ stock.
While FROZ stock was falling yesterday, virtually all of the other big movers on the OTC were headed up. Elite Pharmaceuticals Inc. (OTCBB:ELTP), for instance, gained 13.05% on amazing dollar volumes during that session.
