In the last session, New America Energy Corp. (OTCPK: NECA) saw a decline of -18.18% that pushed its market capitalization to $10.21M, concluding the trading at $0.0018. NECA stock traded 139.50M shares recently, less than its usual average daily volume of 172.74M shares.
Price of NECA stock has been fluctuating between $0.0016 and $0.0022. With a total of 5.67B shares outstanding, the pink sheets NECA have a float of just 2.73B shares. Although it signed a binding letter of intent to acquire a holding company, NECA stock fell.
What has NECA agreed to acquire?
A holding company, New America Energy Corp. (NECA) is focused on making opportunistic, cash-flow positive energy acquisitions. Acquisitions at NECA will be aimed at synergizing and opportunistic opportunities. BestTitleDeal is a proprietary application developed by Title King, which is possessed by NECA. In addition to expanding its subsidiaries, NECA strategically acquires new companies for growth.
New America Energy Corp. signed a binding letter of intent for the acquisition of Third Bench Holdings.
- NECA is targeting a major industry leader in cabinets and countertops for the kitchen and bathroom.
- NECA’s management expects the acquisition to boost its cash flow immediately.
- Recent announcements of NECA’s engagement of auditors have set them on their path to becoming fully reporting, and now they have acquire a company with such a distinguished history.
- As NECA’s acquisition strategy unfolds, it will make the organization more valuable.
- NECA was eager to become a public company.
- NECA announced last week that it has signed an arrangement agreement with BF Borgers CPA PC.
- For the immediate future, NECA’s attention will be focused on the Fiscal Years 2019 and 2020, along with their most recent quarter ending May 31, 2020.
- It has taken NECA seven months to get all filings complete and to achieve Pink Current status.
- Additionally, the NECA maintained that status, audited 2013, 2014, & 2015 to correct a long-standing error, and is currently preparing to finish the last two years and re-file.
- Borgers has been working with NECA for many years so this Arrangement offers great benefits.
- As NECA’s auditors, they have completed audits for years 13, 14 and 15 and are familiar with the company’s financial statements.
What impact will these developments have on NECA?
Based on historical demand for cabinets and countertops in the residential market, NECA sees Third Bench as well-positioned to take advantage of commercial millwork growth. NECA also anticipates a smooth and timely transition from Stop sign to Fly sign at OTC market. Further, NECA predicts that these developments will lead to great advantages.
