Hangover Joe’s Holding Corp (OTCMKTS:HJOE) Stumbles in Double Digits, Again
Within less than two full weeks, Hangover Joe’s Holding Corp (OTCMKTS:HJOE) shareholders got a front-seat view of their investment shrinking nearly 50%. On Monday HJOE dropped another 21% to stop well within the bottom end of double zeroes, at $0.0022 per share. Daily volume picked up further and sat at 103 million shares yesterday.
We have been following HJOE‘s spasmodic movement up and down the charts for a while now and the company’s story is not getting any more compelling that it was back in early May, before the company started hyping itself on social media.
HJOE is a Pink Limited Info enterprise. The primary sources of information investors have on what’s going on with the company are its Twitter and Facebook pages, and the occasional formally released press announcement. It seems the company is too busy posting on its Twitter page to actually get its filings in order. HJOE is a SEC filer, not an alternative standard company, but its latest financial report covers the three months ended September 2014.
Since then, all that the company has graced shareholders with are two 8-K filings and an NT 10-K for its still-missing annual 2014 report. More importantly, one of the 8-K filings informed that on Feb 23 HJOE increased its authorized shares tenfold, from 500 million to 5 BILLION. The other filing showed that the company had diluted all the way up to 1.74 BILLION outstanding shares by March 18.
HJOE announced completing a production run of its hangover recovery shot and shipping it to South Korea. A later PR stated that the company has an agreement with a national brand distributor. What this third party really does is offer dealership options that start at $24,800 and offer the exclusive right to sell the products within a given territory. Additionally, it seems HJOE‘s distribution partner shares the exact same office address with at least two other companies named Advanced Payment Solutions and Nacke Media. Considering the address is leased out by BusinessSuites Green Hills, who lease virtual office space among other things, and that all three companies share the exact same suite, it’s safe to assume it’s a virtual office space.
Meanwhile, the weird abusive posts that the company previously put up on its Twitter page and then deleted, and which were seemingly directed at penny stock sleuth Janice Shell, are making a comeback. The latest bout of profanity and threats spelled out in French were posted by HJOE‘s Twitter account on Friday.
