Bombastic news does not always lead to bombastic market explosion. If you see what Green Planet Group Inc., f/k/a EMTA Holdings, Inc. (OTC:GNPG) did yesterday, then you are perfectly aware of this fact.
Prior to the beginning of yesterday’s trading session, GNPG proudly announced that subsidiary Lumea Inc. had now fully acquired a Mid-West light industrial staffing business. The experienced and highly qualified management team has been evaluated at $4 million. The successful completion of the transaction raised management hopes of doubling corporate revenues over the next twelve-month period.
Instead of embarking on a glorious chart run, however, GNPG stock went down 7.6% closing the session at $0.0462 per share, which, while slightly below Tuesday’s level, is still higher than the $0.04 mark achieved on Monday. The volume, on the other hand, spiked considerably with more than 6.8 million shares changing hands. The latter turned out to be not only GNPG’s second best score for the last 52 weeks, but also seven times higher than the average daily trading volume.
Although GNPG suffered a slight decline in terms of value, it was definitely subject of heavy trade considering how much the volume skyrocketed. The acquisition news has not been backed up by a paid promotional campaign yet.
As far as GNPG’s financial policy is concerned, it would be fairly transparent had it not been for the notification of late filing submitted on Jun. 29. Expected to shed light on the annual period ended Mar. 31, 2011, the 10-K form has yet to see the light of day. Nevertheless, investors still have the 10-Q for Q4 of 2010 at their disposal. As mentioned in a previous article, however, it painted a very bleak picture with regard to its working capital gap.
