After a couple of impressive gains during the past week, Muscle Pharm Corporation (OTC:MSLP
, MSLP message board
) broke up the climb. Though,
on Friday the stock jumped up again by soaring 15.48% and trading 32 million shares on the market.
The massive trade must have been provoked by the latest news on Muscle Pharm. Over the past week, the company reported that it has completed the retirement of all of its outstanding convertible notes held by various financing companies.
A couple of days later, MSLP announced they have filed an amendment to the company's articles of incorporation with the Secretary of State of the State of Nevada, to increase their authorized common stock from one billion shares of common stock, par value $0.001 per share, to two billion five hundred million shares of common stock, par value $0.001 per share. In addition, MSLP has retained PondelWilkinson Inc. as investor relations counsel in order to build new relationships with shareholders and the investment community.
Obviously, all these announcements pushed up MSLP stock price, though these were not the only reason for the gain. During the past two days, MSLP has been promoted by a few different promoters to fuel up the current up move of the stock.
However, there is another issue facing Muscle Pharm at present. Along with the positive news, last Friday the company filed a notification of late filing related to its annual report. The notification stated that the "Registrant was not able to obtain all information prior to filing date and management could not complete the required financial statements and Management's Discussion and Analysis of such financial statements by March 30, 2012."
In other words, the current financial condition of MSLP remains unknown, while the stock is being pumped up by news and promotions.