This morning the Alumifuel Power Corporation (OTCMKTS:AFPW) stock has come under heavy selling pressure and has already gone down by as much as 20%. There has been no fresh news about the company today but it might be a good idea for investors to take a look at the announcement made by the company’s President and Chief Executive Officer Pedro Villagran-Garcia yesterday.
Garcia announced yesterday that Alumifuel has decided to retain the services of Clear Trust LCL in the capacity of its new transfer agent. Considering the fact that the company is trying to attain eligible for trading on the OTC Markets again, it is a major development.
The presence of a transfer agent is absolutely for the company when it comes to accomplishing the task of fulfilling all its regulatory responsibilities. Eventually, Clear Trust is going to help the company in getting the status of a fully reporting issuer.
The possibility of the company being eligible to be listed on the OTC Markets had caused a certain degree of optimism among investors yesterday and led to a rally in the stock. However, this morning, the optimism seems to have faded. It remains to be seen if the Alumifuel stock can managed to stage a recovery today.