Energy Finders Inc (OTCMKTS:EGYF) Stock On Radar After Latest Development
On Wednesday, Energy Finders Inc (OTCMKTS:EGYF) was in the news cycle after it made a major new announcement and it may be a good time for investors to take a closer look.
Trading Data
On Wednesday, EGYF stock ended flat at $0.0899 with 45K shares, compared to its average volume 28K shares. The stock moved within a range of $0.0800 – 0.0900 after opening trade at $0.0816.
Energy Finders, Inc Announces Shell Risk Removal and Common Share Buyback & Cancellation
The company announced yesterday that it had fulfilled all the requirements for the removal of the ‘Shell Risk’ designation that had been placed by the OTC Markets. The news came ahead of the filing of a new Form 10 registration by Energy Finders with the United States Securities and Exchange Commission. However, that was not all. Energy Finders also enumerated some of the achievements that it had managed to accomplish in the last 90 days.
The company noted that it hired the services of Michael Best & Friedrich LLP in the form of its securities counsel and for legal representation in Form 10 filing. The accounting firm Turner & Stone was also hired by Energy Finders so as to complete the audits into his financial statements for the years 2021 and 2022.
The 3 million common shares that had been issued to Ashland Atlantic Corporation back in 2009 had also been bought back. Last but not the least, a new Vice President was also appointed in the form of Keith Pivonski.
Key Quote
Mohammed Zulfiquar, CEO of Energy Finders, Inc stated, “I’m very enthusiastic to announce this first step in our exciting new plans for the company and its shareholders. These initial achievements demonstrate our total commitment to building Energy Finders, Inc into a disruptive technology powerhouse that positively impacts our planet at scale. This is only beginning of what we expect to be a long and rewarding journey for both our employees and our shareholders. We look forward to providing our next major announcement in the coming weeks and months.”
Technical Data
EGYF stock is trading above the 20-Day and 50-Day Moving averages of $0.0756 and $0.0748 respectively. However, the stock is trading below the 200-Day moving average of $0.1184.
