After American Green Inc (OTCMKTS:ERBB) was hit by a pump campaign, last week and things occurred in a similar way as witnessed with paid promotions. ERBB stock prices took a nose dive and entered in double-zero once again. However, on Thursday’s trading session, American Green stock surged more than 8% to close at $0.00940 and erased a major part of losses posted in the previous trading session. The volume picked up as the price climbed uphill and reached 12.97 million shares.
It is no secret American Green was not in a good position in the first place. It managed to post record revenue in its last quarterly report ended December 2014, but the numbers were not enough to cover the $2.2 million in quarterly net loss. The company has also to deal with the matter of issuing new shares for financing needs. American Green has massive debt load and can result in further dilution.
To top all the factors, American Green Inc (OTCMKTS:ERBB) became the target of a pump campaign last week. It was a paid pump, and the promotional money was being paid by Meridian Ventures LLC. As per the news, the highest pumper outfits obtained $20,000 to advertise company’s stock. There were familiar pumper names including Stock Psycho, Stock Brain, and OTC Equity. However, the pumps failed to fetch any attention. The stock managed to surge 1% on Monday, but people who rushed in to buy early in the morning got trapped in a deep slide from the inflated open price.
American Green’s ZaZZZ rollout is showing no signs of progress. The ZaZZZ Network website hub has not been updated since it announced the first activated machines few weeks ago. The Press Release stated that ‘activated’ meant the machine received full inventory imagery uploaded. Also, machines were ‘data-linked’. However, the first installed machines still don’t show up functional on the hub site.