Enerkon Solar International (OTCMKTS:ENKS) Stock Surges 110% In a Week: Issues Corporate Updates
Enerkon Solar International (OTCMKTS:ENKS) is up 110% in a week after offering details on its status about compliance matters and corporate actions aimed at benefiting shareholders in the long term.
Market Stats
On Tuesday, ENKS stock ended flat at $0.0550 with more than 88K shares, compared to its average volume of 57.5K shares. The stock moved within a range of $0.0550 – 0.0550 after opening trading at $0.0550.
Key Details
Chairman Benjamin Ballout said that in return for the buyers’ guaranteed promissory note in a sum market-to-market and as per the Securities Rules and Regulations, the firm has decided to accept International Investors’ purchase of the Chairman’s controlling shares.
Ballout holds control of ENKS shares, and he is the founder of the company, taking it from a private to publicly listed company in 2017. Over the past five years, he has grown the firm and has not sold any shares from his holdings and disallowed former owners from selling stock through a federal action in Nevada requesting the court to cancel around 14.5 million shares of their stake that ENKS felt were not held legitimately. The Chairman has embarked on non-dilutive actions like canceling 25 million shares of his holdings and turning them into restricted shares. so, ENKS is worth watching.
Traders Corner
ENKS stock is trading below the 20-Day and 50-Day Moving averages of $0.0332 and $0.0299 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1704.
