Puget Technologies Inc (OTCMKTS:PUGE) Moves Record Daily Volume
In Friday’s session Puget Technologies Inc (OTCMKTS:PUGE) made another push up the charts that sent the ticker in the upper half of double-zero land. By the closing bell PUGE was up 26%, at $0.0057 per share. The stock traded its most shares within a single session ever, at 14.3 million shares changing hands.
The company has been keeping very quiet on the PR side of things, with no real news releases coming over the past couple of months. Usually, no news is good news but this was not the case for PUGE. After a massive three-day price spasm in July, driven by a Twitter pump, got wiped clean in another three days, PUGE seemed relatively comfortable in its usual price range, just under five cents per share.
Come August, the share price took a big nose dive that sent it on a red streak. Eventually, by the end of August PUGE found itself lodged firmly into double zeros. It’s difficult to imagine what inspired investors to trade over 14 million PUGE shares on Friday, given the lack of any materially significant news and the latest underwhelming report. Here is the rundown of the report’s balance sheet:
- $15 thousand in cash
- $1.1 million in current liabilities
- $1 (one) thousand in quarterly revenues
- $284 thousand in quarterly net loss
Those underwhelming financials were published on Sep 21 and made no big impact on the share price. The company’s website is not functional. PUGE generated a thousand dollars in revenue in the first six months of 2015. The company has, among its convertible debt, one outstanding note in the amount of $775,000. That sum is convertible into common stock at a 42% discount from the average of the lowest 3 trading prices over the 10 days prior to conversion. The paragraph detailing this convertible closes with the immensely comforting information that this conversion price cannot drop below a floor price of $0.0005 per share.
This should give investors a sufficient idea of what they are walking into with the stock and incite them to do more due diligence on their own before making any rash moves.
