Dallas, Texas 10/29/2013 (Financialstrend) – Global Earth Energy Inc (OTCMKTS:GLER) share holders would be hoping that the company stock stop scraping the bottom and post some gains so that their holding in the company might add up to something in the long run. The sense of frustration at the company’s operations on behalf of its investors would be justified since the stock was trading at $0.0032 per share as of close of business on October 28. The maximum the stock price has appreciated in the past 360 days is to reach a high of $0.007 per share. At current valuations, the company continues to have a market cap of $1.71 million with close to 856 million shares outstanding.
In a dramatic change in its fortunes, the stock posted a 60% increase in its share value during trading on October 28. In the past 10 days the stock has zoomed up close to 200% in its market value. The reason behind this rapid appreciation can be traced to a SEC filing by Global Earth. In a SEC filing dated October 28, the company has reported that its trading partner Hawk Manufacturing (HAWK) has agreed to acquire Swing Equipment Company. The acquisition would be made through Hawk’s 100% owned subsidiary Trump Equipment Company. Hawk hopes to close out the deal by December 1 of this year. The reason Global Earth is reporting this matter to SEC is because it owns 20% of the common stock issued by Hawk Manufacturing. It can also be debated that this might be one of the primary drivers for the sudden surge in the value of Global stock.
Hawk has been on a acquisition spree over the past few months using its war chest of $20 million line of credit to tie up with manufacturing firms which offer complementary strengths to its existing line of products.