For its short trading history under HHWW, the stock of Horiyoshi has made several considerable jumps, rising up from $0.75 for a share to $1 yesterday. Although yesterday the $1 was touched, the share price closed the session a cent below and gained a 1.31 million share volume. It took almost three years for the company to decide what new business to start and to choose to pursue opportunities in the fashion industry, but traders obviously got attracted and awarded the new business idea with an almost $94 million market cap.
On Monday, Horiyoshi filed with the SEC to have entered into a share exchange agreement with Horiyoshi the Third Limited (HTT), a Hong Kong corporation engaged in the design and manufacture of menswear, womanswear, accessories and jewelry inspired by iconic Japanese tattoo master and artist Horiyoshi III of Yokohama. The idea sounds great, if it was not the previous not so glorious history of the company, and the lack of any financial resources.
The acquisition has been closed last Friday and the company will pay for it with the issuance of 30 million shares of its common stock to the shareholders of HHT. The initial amount to be issued was 64.88 million and also HTT had to raise $250,000 in a private placement of its shares before the acquisition. Though, last week the amount was reduced to 30 million and the private placement condition was eliminated.
Horiyoshi Worldwide Inc. was previously known as Kranti Resources, Inc. and is incorporated four years ago with the purpose of exploring and developing mining properties. The company even acquired a mining claim on a property in British Colombia, Canada, but right after the start of the exploration it came out that no gold or any other minerals can be discovered and the exploration ceased in 2007.
