Where’s the extra volume coming from over the past couple of days?
I believe EF HUTTON GROUP has quite a few institutional and private investors that are regular clients of theirs and seeing that Brian Goodman and team Golden Matrix Group board only wanted to do a small raise of ~$3.5M USD for whatever reason, this we don’t know which makes it an unknown variable. They probably had a lot of investors that wanted in previously as EF HUTTON had a lot of interest in the past with Golden Matrix Group as I do know this, considering I had a friend who was going to fund GMGI at least one million dollars towards the $10M MINI IPO S1 offering that was contingent on a major exchange approval. EF HUTTON had so much interest that they pulled the listing off of their website because people were probably calling and inquiring about the raise quite often but couldn’t set the price. Now that GMGI has upgraded to the top tier on the otc markets (OTCQX) where only <5% of OTC trades, this allowed them to ditch the S1 ($10M) and pickup a S3 ($180M) offering that can basically be used to grow and expand over the next three years. It probably also attracts new institutional and private investors. With GMGI on the very top of their website as the most recent offering (NASDAQ:GMGI) @ $7.00 investors are taking action scooping up what they can knowing these are great prices. We all know the large investors always get a discount from the current retail price but not so much now as the price dropped. They got them for $7 but only less than 500K shares as that’s all GMGI wanted to do at this time. Tomorrow GMGI expects the offering to be completed, so i believe we could start trending back north as the oversold shares around $7.00-$8.00 should deplete. They never seem to last long. Next… we hear from Golden Matrix Group and hear what they expect to do with the additional funds moving forward. We can all imagine it would be some sort of acquisition of some sort…big? Small? Med? I guess we will find out sooner rather than later. I do know we have had some VERY large buyers over the past few days, maybe ones that couldn’t fit in the tiny raise decided to buy on the open market as they can see the value here with a solid balance sheet and their consistent revenue growth quarter after quarter. Well there you have it, these are my thoughts and opinion. Sorry for the novel.
