American Green Inc (OTCMKTS:ERBB) was hit by a bug pump campaign last week following which the stock eroded its gains and declined below double zeroes. After the pump, things were no different for the company and showed same movement as like other OTC stocks. In last trading session, ERBB stock price declined more than 4%to close at $0.00950. The volume was at 12.39 million much lower than average volume of 29.37 million.
There is no denying to the fact that American Green has not been performing well on financial front. The company posted healthy revenue in last quarterly report but still was not adequate to cover the quarterly net loss of $2.2 million. There are several financing issues that can create a roadblock in company’s operations. The massive debt in books is one of the biggest problems which can force company to opt for further dilution.
Apart from weak financials, American Green Inc (OTCMKTS:ERBB) performance was adversely affected by a pump campaign that started few weeks ago. The payment for promotion of ERBB stocks was made by Meridian Ventures LLC. The report states that the highest outfits obtained almost $20,000 to market Company’s stock. The pump was associated with several familiar pumper names including Stock Brain, OTC Equity and Stock Psycho. The pumps resulted in slight upward movement at first and then dragged the stock in red zone. The people who invested after the pump are not struck at inflated prices.
Update on ZaZZZ rollout
American Green’s ZaZZZ launch is showing no considerable signs of progress. The Network website center is still waiting for updates since the first activated machines were announced few weeks ago. A press release was issued that stated that ‘activated’ word for machines implies full inventory imagery has been uploaded on machines and they are now ‘data-linked’.