Worldwide Internet Inc. (OTCMKTS:WNTR) Reverses Its Fall On Unprecedented Volume
The stock of Worldwide Internet Inc. (OTCMKTS:WNTR) has been showing quite a turbulent performance in the past couple of months. In November it dropped to a new 52-week low of $0.0014 just to start an impressive climb on the very next day that brought it briefly back to 1 cent per share. Since then the stock has largely wiped its gains but last Friday proved that investors have not entirely lost their confidence in the company.
The session began without any major movements in either direction. But soon enough WNTR surged upwards reaching an intraday high of $0.0075. Although it closed the day significantly lower at $0.0044 it was still more than 90% above it previous close. The percentile movement is certainly impressive even on its own but it was overshadowed by the unprecedented number of shares traded throughout the day. In just six and a half hours 207 million shares changed hands which is nearly 13 times higher than the average amount for the company.
The buying frenzy displayed by traders was most likely caused by the PR article that WNTR released early in the morning. In it they announced the completion of a $5 million acquisition of a 40% interest in a property located near the Marcellus Shale, a shale area rich in natural gas resources. The company has been making such extremely positive PRs for some time now but they’ve had only minimal effect on the performance of the stock. By the end of 2013 WNTR had acquired an interest in quite a diverse list of businesses – a wireless security solution developer, a medical company and a text messaging company.
Still despite often talking about millions and millions of revenues that should be coming their way WNTR‘s shares are deep into the double zero territories. In order to pay for the various acquisitions the company is using its preferred series C shares priced at $5 each. They in turn can convert into 10 common shares meaning that they have a conversion price of $0.5 so any dilution of the common stock shouldn’t happen any time soon.
However doing you own due diligence is as necessary as ever. WNTR was the target of a paid pump just weeks after it began active trading. Back then it bombed hard dropping from 18 cents per share to less than 2 in just three days. In our previous articles we also talked about the CEO of the company Mr. Frank Kristan and the other company he owns – Ludvik Holdings, Inc.
At the end of last week most of the companies operating in the marijuana industry continued to drop down. Growlife Inc (OTCBB:PHOT) lost another 10% and arrived at $0.20 while GreenGro Technologies, Inc. (OTCMKTS:GRNH) suffered a lesser correction of 8% and are currently trading for $0.37 per share.
