Emamba International Corp (PINK:EMBA) traded more than 7 million shares of its common stock yesterday. In terms of dollar volume, this means that nearly $3 million dollars were turned over in the last session, which is spectacular as compared with the average dollar volume of other penny stock companies.
In fact, the stock has been traded only three times in the last two months. The official website of OTC Markets specifies that EMBA has just undergone a name change. Prior to July, the company was known as Wave technology Group. Hence the lack of previous trading history of EMBA stock.
In this regard, investors don’t have much ground to build their investment strategy with the company’s stock. There is an absolute lack of any news from the new company, nor are there any recent reports. There is only the Initial Company Information and Disclosure Statement to bring some light to the company.[BANNER]
The document makes it clear that it is the same old company with a new name. The name change came after a share exchange agreement between Wave technology Group and eMamba Inc became effective on Feb. 16, 2011.
In this transaction, Wave Technology acquired the total issued and outstanding shares of eMamaba Inc in exchange for the issuance of 90 million shares of its restricted common stock to shareholders of eMamaba. Thus, at the end of June 2011 Wave technology changed its name to eMamba International.
