World Oil Group, Inc. [OTCPink: WOGI] had a solid day as its stock jumped 30% to $0.0611. In contrast to the 30-day average Volume of 11.77 million, the WOGI stock recorded a Volume of 50,430,619 shares. The WPGI stock price ranged from $0.0001 to $0.064 during the last 52-week period. The WOGI stock rose on news of the cancellation of its common shares.
What caused WOGI to cancel shares?
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World Oil Group is a world-class independent, international oil and gas management company that targets and identifies niche market opportunities in and out of the United States using the actionable intelligence derived from its strategic relationships with international oil companies.
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The WOGI executive team and advisors have years of foreign experience in international business operations, petroleum, mining, agriculture, military, geopolitical, and foreign policy affairs as well as working in frontier and emerging markets with the predominant sources of revenue coming from oil, coal, and agricultural activities.
World Oil Group announced Tuesday that 2.12 billion shares of its common stock has been canceled.
- About 71.8% of the WOGI’s issued shares are made up of these numbers.
- This decision came before WOGI is set to make its very first acquisition.
- After the cancelation, the number of common shares of WOGI remaining is 833,262,060.
- In addition, WOGI has reduced its authorized shares from 5 billion to 1 billion.
How did the decision come about?
According to CEO Claudio Aballay, the reduction was implemented to accommodate the new management, which also intends to cancel additional common shares. In the coming days, the transfer agent for World Oil Group (WOGI) will reflect these modifications, and the Florida Secretary of State has already received them. According to Claudio, WOGI does not have toxic debt, nor will it undergo a reverse split.