A quick history...
Of this company. It started as Pender. I don't even know what Pender did and it is irrelevant to today. Next it was reinvented as Empire Global. It was a development stage company and managed to get a few hotels. It was financed by selling shares into the market causing a lot of dilution. They ended up embroiled in lawsuits and had a significant amount of shares outstanding.
About 5 years ago they did a 1-10 reverse split. At this point what few shareholders that were left became disillusioned. There were questions about nepotism with regards to Ciavarella, the CEO, and his family. Lawsuits were plentiful. It became a shell. The lawsuits were soon resolved and it sat for a year or two as a shell with a very low share count and significant tax loss carryforward.
In 2014 or 2015 it became NICM, with internet gambling in Italy the new business model. Initially, it lost money of course but was at least building a business. At that point it had potential but not much else.
After several mergers, acquisitions, and market penetration the company took shape. Last year it became NWGI, or Newgioco. It continued to pick up gambling licenses and, for the last year, growth has been fast. It is now in Austria and Italy and is trying to get licensed in Malta, or at least a part owner of that license.
Currently, the company is vertically integrated from deposit to bet to payoff. It has NG Pay, the initial deposit vehicle, Odiessa, the software and ELYS, the Artificial Intelligence betting platform for computers as well as phones. It is a company poised for a lot of success with a 3 year track record of continuous growth.
The company is financed through Gold Street Capital, which seems to be controlled by Mike's sister. There are many others but Gold Street is a significant player. If there were anything that gave me pause about this stock that would be it. It is all filed and documented so if there is anything illegal going on we will know. That said, the one other thing that remains unanswered is how they have applied for the NASDAQ Market. The stock must have a $4 share price for 90 straight days to apply. The only way I see it can happen is if they are going to reverse merge into a shell with a $4+ share price. Any ideas?
This is my thumbnail sketch of this company as I remember it. If there are any discrepancies please don't hesitate to correct me.
