Global Power Equipment Group Inc (OTCMKTS:GLPW) Climbing Fast
tags: GLPW
Global Power Equipment Group Inc (OTCMKTS:GLPW) had been having some serious liquidity problems for quite some time. The company stock suffered a massive drop back in the end of March and had a hard time recovering from it in the following months.
One of the main reasons for the lack of investor interest in GLPW is the fact that the company hasn’t been current with its SEC filings. Not only has it not been current, but it bares the OTC Pink Limited Information red stop sign due to the fact that its latest financial filing is for the fiscal 2014.
- cash: $8.81 million
- current assets: $202.31 million
- current liabilities: $62.10 million
- revenues: $538.54 million
- net income: $11.14 million
Those are some pretty serious numbers by OTC marketplace standards, but we shouldn’t forget that GLPW was trading over at the NYSE marketplace before it was delisted earlier this year, after receiving a four-month extension for continued listing back on November 12, 2015.
In the end of last week GLPW announced that it plans to file its financial statements for 2015 around September 30 and the second quarter 2016 numbers shortly after that. The company will also be restating previous years, but management assures us that the special committee formed in May 2015 didn’t find any evidence of misconduct or fraud.
The news managed to push the ticker up the charts and the volumes increased as well. GLPW started the week with a decent 23.60% gain and added another 8.09% to its value yesterday, closing at $3.34 per share.
Only time will tell how high GLPW can go in this upward run. Meanwhile, you should be sure to do your due diligence and weigh out all the risks before putting any money on the line.
