On Thursday last week, GFGU stock price surged 343.75% up and closed the market at $0.0071 for a share. Over 59 million shares were traded, the highest trading volume ever in GFGU trading history. During the session, the share price jumped up to $0.015, breaking all resistances back to the middle of September. If the previous three-digit percentage gain at the end of August was accompanied by the news about the positive outcome of a lawsuit against GetFugu and its management, this time no news can support the huge gain.
Moreover, it looks very speculative as it happens on the background of some not so positive recent announcements about the company. Lastly, at the beginning of November GFGU filed a notice of termination of the company’s registration with the SEC, meaning that GetFugu will no longer be required to file regularly financial reports. On that management’s decision, based on the high costs associated with the preparation of periodic reports, lack of management time and lack of “access to capital, trading liquidity and share price stability”, GFGU share price continued to fall down and gradually landed at the bottom.
The last available financial results also do not support the current share price level. At the end of June 2010, the company had $250,000 in assets and over $10 million in liabilities. The total number of outstanding common shares increased almost two and a half times in the first six months of the year and appears to keep growing. Further, the company has insignificant sales from a sales agreement, its products are still under development and the accumulated net loss since inception exceeds $70 million.
