World Moto, Inc. (OTC:FARE) f.k.a. Net Profits Ten Inc Trying to Get by without APS Pump

Last Wednesday, Awesome Penny Stocks (APS) stopped the pump on World Moto, Inc. (OTC:FARE) f.k.a. Net Profits Ten Inc. FARE had already started its fall, but without the pump efforts it’s on its own.

On Friday FARE closed down another 21.02% at $0.0849 after 46 million shares had changed hands. Friday’s close was down more than 70% from the peak of the pump.

Also on Friday, FARE filed an 8-K concerning a share purchase agreement with an undisclosed investor who bought about 3.7 million shares for $1 million. On Friday he was down about 69% on his investment or about $690 thousand. Since the shares are restricted, the investor can’t even sell them.

While this $1 million is a considerable amount of money for FARE, it’s only half of what they said they’d need before beginning sales. The stock performance could also get in the way of any future equity financing.

According to the filing the deal had been closed last Tuesday, but for some reason the company didn’t make any announcement. If FARE decides to make one today, that could have some positive effect on the stock price.

Still, it’s not clear whether that will happen, and even if it does, there’s no saying how long it could last. Especially since APS has abandoned ship, and if you take a look at the previous APS pumps none of them has ever recovered.

TagLikeMe Corp (PINK:TAGG) for example, is still lingering 90% down from the peak more than two months after the crash.