Pan Global Corp. (OTCMKTS:PGLO) Rears Its Head Once More
Sometimes stock pumpers will do anything for a few thousand dollars, even if it means dredging up old pumps that were bled dry months ago. Over the last two days a number of paid pumpers touted Pan Global Corp. (OTCMKTS:PGLO). The culmination of the short-lived pump campaign was the company tanking 51% yesterday.
The emails started coming on Wednesday afternoon after the markets closed, stretching into yesterday morning. Research Driven Alerts, aka David Cohen, aka Research Driven Investor led the bunch, disclosing a compensation of $40 thousand for promoting PGLO stock. The touts conveniently coincided with a press announcement from the company that hit the wire right at the opening bell.
PGLO informed the company started the development of an electronic marketplace for solar products targeting India. The pumps tried to push this news release as a potential catalyst for the stock’s price. If only PGLO were not a jaded, old pump job, which we covered 8 months ago, the touts might have had an actual effect on the price.
For those who don’t keep tabs on every OTC pump, PGLO was targeted by a $1.1 million pump campaign. The pump, naturally, caved in on itself and PGLO was left for dead, slowly declining ever since the second pump spike. The company’s latest 10-Q for the quarter ending March 2014 does nothing to improve investor confidence either:
- $4 thousand in cash
- $1.1 million in current liabilities
- ZERO in revenues for the six months ended March 2014
- $275 thousand in net loss for the six months ended March 2014
To the disappointment of people who chose to play the new pump or genuinely believed the promoters’ drivel about a new uptrend and a coming breakout, PGLO went nowhere but down throughout yesterday’s session. The price gapped up at the open, leaving no chance to get in and out at a profit, and it was all downhill from there, to the abysmal 51% red close.
Those who track the performance of Research Driven Investor pumps should not be too surprised by the way PGLO panned out. On June 15 David Cohen promoted Integrated Cannabis Solutions, Inc. (OTCMKTS:IGPK), suggesting the stock would ‘rocket’. IGPK crashed three sessions in a row following the pump email in question and is currently 33% below the price at which the pump came.
