New American Energy Corp (OTCMKTS:NECA) fell 21% last week after announcing eliminating 1 million in variable convertible notes and associated liabilities through the recently acquired Third Bench Holdings.
The company’s CEO, Jeff Canouse, said that in recent years the company has labored to access capital to get back to its Current Status and be an appealing vehicle to firms such as Third Bench. However, he explained that certain that the moves they have made had a negative impact on the company’s stocks. As a result, the elimination of almost 1 million in variable convertible notes will be a major win for the company’s shareholders.
Third Bench Holdings CEO David Fair said that going forward, as they focus on building the company through acquisitions and organic growth, they expect to attract advantageous capital to help the company move to the next level. He explained that the company is delighted with what is coming for the remainder of 2021 and 2022. So, in the coming months, NECA is worth watching.
Market Reaction:
On Friday, NECA stock moved up 10% at $0.0011 with more than 373.70 million shares, compared to its average volume of 145.92 million shares. The stock has moved within a range of $0.0009 – 0.0012after opening the trade at $0.0010.
