FrogAds, Inc. (OTC:FROG
, FROG message board
) is quickly getting popular among traders and yesterday it reached its highest volume in its short history of trading. What made FROG get the attention, however, seems to be mostly the paid promotions
that are running for the stock this week.
With a few trading sessions behind, yesterday FROG already traded over 617,300 shares in a day. That high activity resulted in a 21.69% increase in the closing price as FROG finished the session at $0.505 for a share, while during the day the share price jumped to $0.57.
The market awareness campaign for FROG started on Monday afternoon, shortly before market close, and the first promotional e-mail was compensated with $9,000.
Another promo e-mail followed then on Tuesday morning for a compensation of $10,000, paid by the same third party, while the last newsletter arrived last night and is obviously aimed to affect today's trading session. Our database shows a total compensation of $23,500 paid for FROG promotions in the three days.
On Monday, the company issued a press release announcing the approval by FINRA of the name change from Imobolis, Inc. (OTC:IMOB) to FrogAds, Inc. (OTC:FROG), as well as of a 5 for 1 forward stock split.
Both events were announced by the management in the company's SEC filing already in November and together with name change and the stock split FROG also increased its authorized capital from 100,000,000 to 210,000,000 shares, 10,000,000 of which in preferred stock. After the stock split, FROG has 90,000,000 outstanding shares, which raises its market cap to $45.45 million as of yesterday.
According to its name change, the company is now a provider of an online marketplace that allows the listing of offers for various products and services. Despite the abundance of similar and already established websites, FROG believes to be unique. Its financial reports are, however, yet to show any revenues and positive cashflows. As of this September, the 10-Q shows only minor assets, and fortunately, also minor liabilities of $159,000, $96,000 of which due under notes payable.