Puda Coal, Inc. (PUDA)
Puda Coal stock has been halted on April 11th, 2011. Yesterday halt has been lifted & company’s common stock opened today for trading on the OTC pink sheets market.
We traded PUDA on a way up from just under $2 to over $3.60 (80% daily gain).
PUDA traded over 6.6M shares. Our opinion that most short positions are covered & PUDA is going to the long down-trend until investors will hear final words from The Independent Committee of buy-out proposal made by Puda Coal CEO (Mr. Zhao) on April 29, 2011 ($12 per common share).
Puda Coal Provides Updates on Listing Status, Buyout Proposal
TAIYUAN, Shanxi Province , China , Aug. 18, 2011 /PRNewswire-Asia/ — Puda Coal, Inc. (NYSE Amex: PUDA) (the Company), today announced that it has notified the NYSE Amex (the “Exchange”) that it does not intend to appeal the determination from the Exchange to delist the Company’s common stock. The Company expects the Exchange to delist the Company’s common stock from the Exchange immediately. The Company also expects its common stock to commence trading on the OTC pink sheets market shortly after the delisting is complete. Trading in the Company’s common stock on the Exchange has been halted since April 11, 2011 .
The Independent Committee of the Board is continuing its discussion with representatives of Chairman of the Board, Mr. Ming Zhao , regarding the preliminary buy-out proposal made by Mr. Zhao on April 29, 2011 . The Company’s financial advisors in connection with the buy-out proposal, Cowen and Company, LLC and Morgan Joseph TriArtisan LLC , have begun to review documentation and financial information of the Company.
Given the complexity of the issues involved and the requirement for audited financial statements, the Independent Committee anticipates the proposed transaction, if it proceeds, will take several months to complete. Neither the Company nor the Independent Committee can provide any assurances that a definitive agreement will be executed or approved or that a transaction will be consummated or the timing of such. In addition, the Company’s audit committee is in the process of engaging a successor independent accounting firm.
Puda Coal processes and sells high-grade metallurgical coking coal to industrial sectors in China and is in the process of adding a coal mining segment in addition to its traditional coal washing business. Puda Coal is one of the largest non-state -owned cleaning companies in Shanxi Province with over 15 years of experience in China. Puda Coal is based in Shanxi Province, known as the “King of Coal” which supplied 22% of China’s coke and 20% of coal production in 2009. The Company operates in two major segments – its legacy coal washing business and coal mining operations.
Golden Valley Development, Inc. (GVDI)
GVDI traded 189M shares today & closed down 68.75%. Company has had 1:2000 reverse split in mid-May 2011. Even GVDI with huge issued & outstanding share count isn’t our favorite (lol), we believe that bounce (for at least 100%) is very likely for the next trading session(s).
M. Kevin Sorrels, President, CEO, Secretary, Treasurer and Chairman of the Board of Directors
Carter Ransom, Vice President, COO, and Director
Golden Valley Development, Inc. is a publicly-traded Clearwater, Florida-based manufacturer and marketer of patented and patentable products, with its first two patented products, “PercuGuard”TM and “Cut Stop”TM, currently launching in the health care and hospitality services industries respectively.
More OTC stock market penny stocks with daily losses of over 20% with $30,000+ in trading volume:
|Symbol||Company Name||Last||Net Change||% Chg||$ Volume||Volume|
|GVDI||GOLDEN VALLEY DEVELOPMENT||0.001||-0.0022||-68.75%||$188,871||181059433|
|EMLL||ELECTRIC MANIEL INTL||0.001||-0.0004||-28.57%||$175,487||137834964|
|RFMK||RAPID FIRE MARKETING||0.0018||-0.0006||-25.00%||$57,470||30448581|
|OCWAW||OWENS CORNING INC WTSA 11||1.65||-0.74||-30.96%||$47,967||28650|
|TRMAQ||TRICO MARINE SERVICES||0.05||-0.02||-28.57%||$36,859||762927|
|NYTE||NYTEX ENERGY HOLDINGS||1.8||-0.6||-25.00%||$32,517||16530|