It has been several weeks since our last comment on Gopher Protocol Inc (OTCMKTS: GOPH), and in that time, we have seen a significant upswing in the price of its shares.
We saw a low of 1.12 around this same time last month, and to kick off the fresh trading week this week, GOPH has reached as high as 2.28. That’s an intra-month increase of 103.5% The Company also recently released a series of updates that we wanted to pass along to our readers.
Gopher Protocol Inc (OTCMKTS: GOPH) announced a closing of the sale of a convertible debenture containing a fixed conversion price, which generated $750,000 in gross proceeds. The financing is part of the Company’s strategy to reduce its dependence on derivative convertible financing and create a balance sheet that gives investors clarity regarding the number of shares outstanding and potential dilution caused by convertible debenture financing. The investor that participated in this financing may, in its sole discretion, provide additional funding to the Company at similar terms of the current funding.
As previously announced on January 2, 2018 an investor, that had previously acquired convertible debt from the Company, invested $1 million in a common equity financing and agreed to potentially purchase an additional $500,000 in its discretion, potentially bringing the total investment to $1.5 million.
“The Company is pleased to be on a great track financially, it should be a very positive signal to the market that in January 2018, a private accreditor investor made the transition from being a lender to an equity investor,” stated Greg Bauer, CEO. “We believe the closing of the current convertible debenture with a fixed conversion price supports the notion that the investment community agrees that Gopher is on the right track, going forward,” added Greg Bauer, CEO.
Gopher Protocol has made a concerted effort to de-lever its balance and add shareholder equity to the balance sheet. As reported on its most recent Form 8-K, the Company continues to improve its financial outlook by eliminating all derivative liabilities by paying off its reaming derivative liability on March 5, 2018.
Along with the recently announced growth capital financing, the Company is positioned to pursue growth and fund the rollout of its new technologies. The de-levering is part of the Company’s strategy to reduce its dependence on variable convertible debt financing and create a balance sheet that gives investors clarity regarding the number of shares outstanding and potential dilution caused by historical variable convertible debt financing.
“We are pleased to make this string of announcements, which we believe is evidence of the fact that we are on track to complete many of the tasks that I have laid out including our absorbing of our recent acquisition, as well as potentially new acquisitions, as we seek to combine our distribution channels with our new technologies,” stated Greg Bauer, CEO. “In simple words, the Company’s debt schedule following the current funding and the payment of the last derivative liability result in only one outstanding liability of $750,000 that may potentially be converted into common stock at a fixed price,” added Greg Bauer, CEO (Source: Accesswire)
Having already seen shares of GOPH double in just a short span of time, we’re certainly going to continue tracking its activity, both in terms of its business dealings and the stock itself. Stay locked to Street Register for updates, and we’ll deliver important developments on GOPH as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in GOPH stock, short or long.