Green Stream Holdings Inc (OTCMKTS:GSFI) Stock Rockets 92%: What’s The Buzz?
Elimination of debt is almost always a major development for any company and hence, it was no surprise that the Green Stream Holdings Inc (OTCMKTS:GSFI) stock went on a big move on Monday.
Market Stats
On Monday, GSFI stock soared 92% at $0.0198 with more than 37.52 million shares, compared to its average volume of 3.27 million shares. The stock has moved within a range of $0.0110 – 0.0247 after opening the trade at $0.0115.
Eliminates Convertible Debt
The company, which is involved in the finance and solar industries, announced yesterday that it had successfully eliminated another debt holder. It was a major development for Green Stream Holdings as it tries to reduce its debts held in convertible notes. The company is looking to reduce those debts over the course of the upcoming months. As a result, it was no surprise that investors piled on to the stock in a big way on Monday and sent the stock soaring by as much as 92%.
In the announcement, the company noted that the convertible promissory note for Geneva Roth worth as much as $69676.20 in the form of debt has been settled by Green Steam Holdings. The company went on to note that all obligations had been settled following the repayment of the sum of money and Green Steam Holdings will not have to issue any more securities to Geneva Roth in lieu of any debts. It remains to be seen if the stock can continue to add to its gains today.
Key Quote
The Company confirmed that the Convertible Promissory Note of Green Stream Holdings Inc. in favor of Geneva Roth, the “Holder,” in the amount of $69,676.20 has been settled, repaid. Accordingly, the parties have no further rights or obligations as to each other as to such debt, and the Company will have no obligations to issue securities to Geneva Roth as to such debt.
Traders Corner
GSFI stock is above below the 200-Day and 50-Day Moving averages of $0.0676 and $0.0221 respectively. However, the stock is trading above the 20-Day moving average of $0.0150. The stock is down 56% in the past 3-month.
