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Approaching 200 Day MA..
At this point, management should just apply for an uplist like GMGI did today [and it too got heavily manipulated, tanked down 50% to grab all stop orders] With the financials the way that they are, IF management wants to see shareholder value they will take the steps. In the meantime it looks like a major share grab going one. No bottom yet found. A year ago this was .10-.15...with the need for these products it has to recover, but it needs to floor first.
Running in Place :)
Do think a lot is happening behind the scenes right now. Let's not forget that, they have done a lot since the May formation of this company [tho it took a long time to finalize the merger] But they've filed for NAS & essentially any day now an approval could be in place. Still, I would think some action will move this quickly. The bet here is that the management can execute their vision. Hopefully this can get moving before an uplist. But honestly, Canadian equities are some of the worse movers I have seen. They just are some laggards and move terribly at times on low volume.
Quite A Shakeout & Fear Drop This AM
That spike down had to have taken out plenty of protective stop losses. Shady tactics, Yahoo boards was spreading doom & gloom, but you see it all occur on these markets.
All in all an uplist is good here, but to your point of stocks uplisting & then either stalling or just not moving once they uplist or worse just dropping, there definitely is a trend for many.
Hopefully GMGI is in too hot a sector to flop. You look at the kinds of contracts iLottery plays like SGMS lands & can only hope GMGI can get a few solid casino contracts in the US while this sector is booming & move the stock price. The 100-150M market cap might keep it trapped in for a bit.
Expect Independent Director Badge on OTC Soon
"The Two Independent Directors badge on a company’s profile at www.otcmarkets.com means that the company has self-reported to OTC Markets that their board of directors contains at minimum two Independent Directors."
Once this is complete, GMGI will be Pink Current, with Verified Profile [07/2020] Penny Stock Exempt & Transfer Agent Verified & with Independent Directors.
At a bare minimum they could uplist to the The middle tier OTCQB, aka The Venture Market, which would be good for the duration that an application to the major exchanges gets processed & reviewed. I believe NASD requires 3 Independent Directors.
Saw your post on 1B valuation, had to laugh a bit, but do think the need for casinos to fully be capable to be on phone/devices is imperative as many states start to open up the gambling floodgates while having reduced foot traffic. The bulk of casino revenues are the mini games [slots/cards/etc] simple games, sports gambling is minute in comparison. So GMGI really could integrate well if they land some business from some casinos to integrate sort of like what GMBL is doing. Honestly, we've all seen stranger things, zero revenues, $1B+ vluations, so you really never know. GMGI could spike 100% one day, this is still the OTC & things happen...GLTA
Would Appear Heavily Oversold
At the same time, it has experienced quite a few sharp declines in of 30%-60% over the last few months & recovered & ran. Some stocks just don't seem to be guided by good financials it seems, here's another one [https://stockhouse.com/news/press-releases/2020/08/17/protech-home-medical-reports-record-third-quarter-fiscal-2020-financial-results these guys have a 100M annual revenue run rate & sit on 45M in cash, but have a 95M USD market cap...Hopefully TOMZ kicks back in soon. Hard to see it's not priced right, especially considering the opportunity they have at the moment.
Solid Trading Today, held the $5.50 line
After the climb, the down day was expected but it wasn't a heavy down day, so good to see.
I hope GMGI can get added to one of these ETFs over the next few months. Would really be good to see an institutional add on any level.
https://www.roundhillinvestments.com/etf/betz/full-holdings
https://www.roundhillinvestments.com/etf/nerd/full-holdings
They've added smaller companies than GMGI, Score Media for example at 70M, so would be interesting to see if in this flurry if some institutions have bought in with opening positions.
There are probably a few gems in that holdings portfolio yet to really get going.
Think It's Got Legs
Let's be realistic, markets are highly irrational [anyone seen OSTK run in the last 5 months??] There is no rhyme or reason why a stock can catch fire & take off. If the metrics behind the moves are solid, no one can account for how much it may move. You can name 100s of stocks with way over inflated market caps. This has been a good, non frenzied run. I am waiting for the first 1M volume day, when this float gets churned... We shall see.
Quote:
This is a tame run so far, no 20% updays, but seems today is setting up for one of the biggest %gain days.
I'm torn on this one. Is today just setting up a sucker's rally or is it just becoming more obvious that the stock is a virtual lock to uplist and the price tag that brings with it?
Today's spike feels too fast. Suspect it's the sucker's rally. Bunch of newbs will get shaken if we have a retrace back to $5.20. It's ballsy to try if that's what's happening.
Engine Media Announces Up to US$20 Million Convertible Debenture Facility
https://finance.yahoo.com/news/engine-media-announces-us-20-115600730.html
Higher Highs
Stock is moving so nicely, no big gpikes. Expect some good news to guide this even higher. GL
Wouldn't Worry Too Much
Even brokerage houses here in the states have not processed the transfer (reduction) on the ticker through the transfer agents. Honestly, don't think a sell off is coming. There's alot of upside here & most of the activities of late have been either heavy hands moving shares or operators or marlet makers. Can see this getting some heavy traction. Do not discount the power in the media industry of Tom Rogers & his cnbc association. If they execute this correctly, 5-10x cann happen in the next year. And that's no pump. GL
No Crash, Straight Rocket
At the same time, it's important to look back and see that this stock has had 3 reverse splits within a short time frame [so may are bagholding] This last one would appear to be aligning things for a move to uplist. With those reverse splits, not many shares are left really, at 7.5M O/S it has incredible potential to push higher. The spreads & exchange rate to the GAME.v ticker will move rapidly. At present it's a 110M company, the question is how high it goes as it attempts to clear that hurdle onto NAS in this sector, which will definitely attract some attention.
Do believe a forward split will have to occur to increase liquidity for NAS, would help to get the avg volume above a 1M run rate.
GMGI is another reverse split that's working, they did 1:150, and it too has a low O/S. With all low floaters, to attract more, you need more available shares. We shall see, I'm sure some red days ahead, but it's been a good start after the R/S.
Great Action For The Week
As this moves forward, it will be interesting to see how it prices against already larger established players in the space. Would be great if this could rally up to a point where a forward split could be enacted to allow for increased volume. The day 1M shares moves here will be a huge run.
Still, this is the OTC and runs come fast, so would not be surprised if a 50% upday happens with some news like the run that's occurred on MLLLD, GAME.V over the last 2 days. GLTA
Good Start.
https://stockcharts.com/c-sc/sc?s=MLLLD&p=D&yr=0&mn=3&dy=0&i=p43679051867&r=1597366324082
Could see a nice 50% swing as this gets going.
Solid Breakthrough $4
http://schrts.co/TYIBxTDW
https://stockcharts.com/c-sc/sc?s=GMGI&p=D&b=5&g=0&i=t5193050972c&r=1597352343854
This move up has been really well done. For a while that $4 mark stood as a resistance point, and it's good to see a push through especially as we see the likes of PENN/GAN/EVRI/DKNG all moving up heavy. Many look at GAN as a good comparison to GMGI, but GAN has been way more volatile. The movement here has been slow & steady, do expect a big run day to occur, but it has been good seeing the volume rise of late considering the low float on GMGI....
Take a look at MLLLD, GAME.V another reverse split/low float play that's likely going to push up.
.45 to $6.75 in a day or so.
The 1:15 reverse split here might come with some initial pain.
Hopefully they can get the uplist to NAS done by EOY.
At the end, the O/S [7.6M) & Float will be quite small & hopefully allow this to move upwards. Would probably expect the initial action to be a sell off down to the $5 level, as R/S usually are just erratic at the onset. Stock just has had no sort of positive action since prior to the halt on the Canadian exchange for a month. May look like a baghodl for a bit. Expect them to issue/print shares for $$ in the interim. We shall see.