Coro Global Inc (OTCMKTS:CGLO) Stock Trends Higher After The Recent fall: What Next?
Coro Global Inc (OTCMKTS:CGLO) stock moved up smartly in the previous trading session. The stock has taken a severe hit this year with a fall of 85%.
Market Action
In Thursday’s trading session, CGLO surged 9% at $0.60. More than 51K shares have exchanged hands, well above its average volume of 14k shares. The stock opened at $0.55 and moved in a range of $0.5100 – 0.6000.
Coro Global Responds to Recent Request for a Special Meeting of Stockholders
Here are the highlights:
Coro Global Inc. (“Coro Global” or the “Company”) develops and commercializes financial technology products in the United States. The Company was co-founded by David Dorr and Brian Dorr after living through the last financial crisis and watching the extreme inequality created by a financial system that is fundamentally broken. Banks and the 1% thrived while the average global citizen were made poorer. Coro Global was built on the belief that there was a better path forward that could be made available to everyone. That path is built on strong technology and sound money.
Mr. Naser’s press release. On Monday September 20, 2021, the Ex-Chairman of the Company, Lou Naser issued a press release purporting to represent “Holders of More than Fifty Percent of the Outstanding Common Stock” of the Company and alleging a wide-ranging set of accusations without any support. The Company and public can easily confirm, based on Exhibit A – “Requesting Stockholders” (below) from a letter sent from Mr. Naser’s counsel on Friday September 17, 2021, that Mr. Naser and his “Group of Stockholders” do not constitute more than fifty percent of the Company.
Furthermore, the Company denies the allegations in their entirety. The few buzz words and conclusory sentences in the press release do nothing to establish any valid claims but instead only serve to expose the defamatory and baseless nature of the press release. The press release is refuted by publicly filed documents, as well as Company records including its financials, board meeting records, and other books and records.
Trader Notes:
CGLO stock is trading below all the key moving averages with 200-day and 50-Day SMA stands at $2.79 and $0.76 respectively. Over the past year, the stock has lost over 85%. Will the stock be able to find the bottom and recover from the oversold zone?
