Shares of Orpheum Property Inc (OTCMKTS:PLFF) pulled back a bit in Thursday’s trading session. However, the stock is still up 28% over the past week.
Market Reaction
On Thursday , PLFF stock moved down 4.67% to $0.10 with more than 3.8k shares, compared to its average volume of 6k shares. The stock has moved within a range of $0.1000 – 0.1001 after opening trade at $0.10.
ORPHEUM Property, Inc Announces ARC Court Order
Delaware Corporation Orpheum Property Inc (OTCMKTS:PLFF) on December 23, 2021, announced that the firm has been confirmed by Appalachian Royalty Company receiving court orders enabling it to move ahead with collection on a judgment.
Randy Franklin, CEO of the firm said that that it has been notified that ARC received a court order enabling it to go ahead with collection on judgment received last June.
Franklin added that the judgment was reported on its two quarterly filings with OTC. It was a result of a future delivery contract providing untenable due to covid issues in early 2021 and in 2020.
The Management is expecting and preparing for the action and will respond immediately. Furthermore, the CEO said that the former contract with ARC as well as judgment has been taken seriously and it hopes to fulfill its obligations.
The top executive said that management is in the process of completing several projects that could improve liability and other debts. Orpheum Property will announce the progress once projects are finalized.
Orpheum Property is a diversified energy company focusing on oil, gas as well as solar industries. With headquarters in North Carolina, the firm is quickly expanding operations through property leasing as well as acquisitions in Midwest. The company with the symbol KLMKH is maintaining a traditional focus on gas and oil exploration as well as production.
Key Quote
Randy Franklin, CEO of the Company stated, “As we close out a tumultuous 2021, we were notified that ARC had received a court order allowing it to proceed with collection on the judgement it received last June. The judgement itself was reported on our last two quarterly financial filings with OTC and resulted from a future delivery contract that proved untenable for our operations, primarily due to Covid issues in 2020 and early 2021. Management has been expecting and preparing for this action and will respond promptly.”
Traders Review
PLFF stock is trading below the 20-Day and 50-Day Moving averages of $0.1147 and $0.1310 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1523.
