Home Financial Markets Penny Stocks Is There Any Reason Behind Skyrocketing Of Access-Power (ACCR) Stock?

Is There Any Reason Behind Skyrocketing Of Access-Power (ACCR) Stock?

In the past session, Access-Power Inc (OTC: ACCR) stock skyrocketed 113.64% to settle at $0.0470 at a ring of the bell. While 10.05M shares changed hands, the price ranged from $0.0200 to $0.0720 during the session.

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What happened?

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The stock surged following news of filing of form 8k-A at the Securities and Exchange Commission (SEC) on Thursday, submitting an intimation about its in-principal merger deal with a Chinese company. Further highlights of the deal as per filing are as follows:

  • In effect, ACCR has decided to sell a controlling interest in the company to a Chinese marijuana/hemp company.
  • As the arrangement is non-dilutive, ACCR is waiting for the formal procedure to be concluded so that the stakeholders can be fulfilled.
  • During contract negotiations on Tuesday, ACCR and its new partner “giggled at the ACCR share structure”.
  • ACCR added a cash option for $50,000.
  • ACCR will make payment for the PCAOB/CPA audit.
  • On Tuesday 16 February 2021, the agent of the Chinese firm, Mr. Robert, ACCR lawyer Steve Mills, and Patrick J Jensen, the sole director of the company, agreed to a Marijuana/Hemp China partnership.
  • ACCR has been expecting the signature of the acquisition agreement soon.
  • Patrick will hand over 50.01% of the stake or 150,050,000 of his restricted shares in ACCR to the new Chinese Marijuana/Hemp Company of sizable proportions.
  • Company’s structure will remain the same after the deal.
  • The Firm is now associated with OTC Markets and the process of applying for an update at the “Current Info” stage of OTC Markets is a long process and must go through proper due diligence.
  • To supervise this operation, Patrick will remain the Director of ACCR.

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