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Pleasant Kids Inc (OTCMKTS:PLKD) was a massive mover during Friday’s trading session. The stock surged by close to 32% on the back of above average volumes. The stock has been in  a strong uptrend and has outperformed the broader sector. The stock has been forming higher bottoms and higher bottoms indicative of buying interest at all dips. The moving averages have formed a “golden cross”, which is considered to be a bullish signal. The relative strength index continues to indicate that investors remain bullish. Traders believe the stock could head to levels of $0.306 in the near term and find support at $0.081

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Pleasant Kids Inc (OTCMKTS:PLKD) announced that its board of directors had decided to bring down the number of shares from 9,500,000,000 to 360,000,000. As per the reports, Pleasant Kids Board has filed a CoA (Certificate of Amendment) with the state of Florida to execute this transaction successfully.

Although the authorized share capital has been reduced, the preference shares of 60 million remain intact.

Management Call

The senior management team is delighted to announce the reduction in the number of authorized shares. According to Robert Rico, Chief Executive Officer, Pleasant Kids, it’s one of the best decisions that the board has taken lately. Pleasant Kids is on the verge of executing its next acquisition transaction, so this reduction in number of authorized shares will bring long-term good results for the company as well as the present shareholders.

Rico further added that the reduction in the authorized shares will not only enhance the confident of investors, but also position the company in the best way possible to get benefitted from the prevailing market situation. It further clarifies that Pleasant Kids is always committed towards protecting its shareholders and enhancing the value of company’s stock.

With this announcement, Rico also announced his resignation and wished Arik Maimoun best for the future endeavors. Maimoun is all set to become the CEO and Chairman of Pleasant Kids. While talking to reporters, he said that it’s a great initiative by Pleasant Kids. Reducing authorized shares and filing necessary documents with Florida authorities would keep the company out of all the troubles.

He further added that that Next Group Holdings was working with the offices of Mitchell Silberberg & Knupp LLP to ensure that all the necessary FINRA and SEC documents could be filed without any hassle. Mitchell Silberberg & Knupp LLP has been in existence for over a century and offer full-fledged law services to individuals and corporates.

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