Mineria Y Exploraciones Olympia Inc (OTCMKTS:MYXY) Set Alight
The final few hours of Friday’s session were quite exciting for Mineria Y Exploraciones Olympia Inc (OTCMKTS:MYXY). After months upon months of virtually no trading, the ticker suddenly woke up and in an extremely short period of time, it managed to gain almost 43% and reach $0.20 per share. At $130 thousand, the volume might not seem that impressive, but considering the shocking lack of liquidity the ticker was showing prior to the surge, it’s not to be ignored.
The reason for the investors’ enthusiasm is an 8-K form which hit the wire around noon on Friday. It said that from now on, MYXY will have a new name, a new management team, and a new business plan. The company will soon be called XLI Technologies and, thanks to a new subsidiary which should be acquired in the very near future, it will sell something called LightSheets.
As you might have guessed from the name, the LightSheets are paper-thin sheets that emit light. They’re non-toxic, waterproof, and they use less electricity than the currently available lighting solutions. They use nanotechnology as well and the mere presence of that word is sometimes enough to get investors trembling with excitement.
The financial statements of the aforementioned subsidiary are still not out which means that nothing can be guaranteed, but investors can at least hope that the new business will put MYXY in a better position than it was several years ago. Back then, the company was in the mining business and as you can see from the S-1 registration form published when it was going public, it had less than $19 thousand in total assets.
While we’re on the subject of the S-1 form, we should point out some other important pieces of information that can be found there. If you read through the filing carefully, you’ll see that when MYXY was still private, 100% of the issued and outstanding shares were held by Francisco Antonio Jerez Garcia, the former CEO. For reasons that are not entirely clear, however, he wanted to have the company listed on the OTC which meant that he had to part with some of his stock.
That’s why, he sold 25,000,000 of his shares to forty unnamed individuals at a price of $0.002 per share. Those individuals, in case you haven’t calculated already, are now faced with a 9,900% profit opportunity. The only question is: Will they wait for the revolutionary LightSheets to make the gains even bigger for them, or will they decide to cash in while they still can and unleash a colossal amount of discounted stock on the open market? You can weigh the odds yourself.
