Be Careful With Converge Global, Inc. (CVRG) It’s Likely to Halt/Suspend

Just a quick blog post to hopefully keep traders out of a BAD trade idea!

I have no position at all.

I use the term Halt/Suspend interchangeably given they both mean that the stock will stop trading is likely lose 60-80% when it re opens – when I posted on Investors Hub that I figured it’d “halt” the nerds who have nothing better to do than pick fights about terminology decided they wanted to pick a fight (remember these guys are not traders so don’t really understand much of what’s going on they just think they know best and have the ‘tough guy syndrome’ that the small dude with big biceps at the gym has when you use the wrong wording – even though they know what the point is)

I’m not trying to say I told you so, I’m not trying to bash a stock – if I can save one person from buying this thinking it will really be bought out or save one person from getting stuck in a halt – the blog post was WORTH IT!

It may run a bit, it may not but I would NEVER hold this stock OVER NIGHT!

I’ve warned in the past few months two times about halts that I felt were coming I got a lot of twitter shit for saying they would halt … then …… THEY DID.

A Stock With a Good Chance at Halting … Far Vista Petroleum Corp. (FVSTA)

Pingify International Inc. (PGFY) Halts and How You Could Have Predicted It Too

In my opinion the third potential halt is here:

Converge Global, Inc. (CVRG) all of a sudden began putting out a ton of PRs outta no where which is following the typical worthless penny stock promotional blue print to sell stock and highly likely to get halted.

In my opinion each and everyone of these PRs should be taken with a grain of salt.

If you hold $CVRG over night between today and next week you are at risk of waking up to a HALT #knowyourrisk

— Nathan Michaud (@InvestorsLive) July 9, 2014

If you are long $CVRG on this buyout bullshit — BE MAD CAREFUL that’s how HALTS happen

— Nathan Michaud (@InvestorsLive) July 9, 2014

 
The first Press release:

• Converge Global, Inc. Take Over Offer Marketwired(Tue, Jul 8)

This one follows usual forward looking event where the company “buys time” in this case buying a month of paper selling time as all the message board junkies start to believe that this will actually be bought out – the language is below:

OKLAHOMA CITY, OK–(Marketwired – Jul 8, 2014) –  Converge Global, Inc. (“The Company”) (OTC Pink: CVRG) (PINKSHEETS: CVRG) announced today that it has received a reasonable offer for the control of Converge Global Inc. by a European investment fund. The CVRG Board of Directors has been given until August 5^th, 2014 to respond.

CVRG also announced its board of directors is positively reviewing the possibility of performing a reverse split on their stock in order to counter the effects of short sellers and thus allowing the share price to reflect the true value of the company. “We have noticed a sharp decline in the value of our stock which does not reflect the true value and future potential of our company, We must consider all preventative measures in order to guarantee the future success of Converge Global Inc. and a fair return on investment for our loyal shareholders,” stated Alexander Shirokov, President of Converge Global, Inc.

The bold part above is just 100% ridiculous in my opinion

1. August 5th buys them a month of paper selling
2. What real company have you seen “combat” short sellers?

The second press release:

• CVRG Buy Out Offer Marketwired(Wed 1:15PM EDT)

This is what happens when there is no PRs left – so they create another one to make people excited even though the entire offer is bull shit (in my opinion)

OKLAHOMA CITY, OK–(Marketwired – Jul 9, 2014) – Alexander Shirokov, the CEO of CVRG receives offer for the sale of all the outstanding shares of Converge Global, Inc (OTC Pink: CVRG) (PINKSHEETS: CVRG).

“I will recommend to the Board of Directors to accept this offer,” stated Mr.Shirokov.

CVRG Board of Directors will put out Press Release detailing the offer tomorrow July 10^th, 2014.

 

The LOI:

LOI in worthless penny stock promotional blue print terms means that they don’t have any news but lets sign a piece of paper (non-binding that we can pull out of at any time) and sell stock into the volume that’s created from idiotic buyers.

• Converge Global Signs LOI to Acquire Second Gold Producing Mine From Grant Ltd. Marketwired(Wed, Jul 2)
• Converge Global Enters Agreement to Acquire Gold Producing Mine Marketwired(Thu, Jun 26)
• Converge Global Signs LOI to Acquire Gold Producing Mine Marketwired(Tue, Jun 24)
• Converge Global Gold Production Exceeds 300 Ounces for Sintek Marketwired(Fri, Jun 20)

 

 

I wish everyone the best of luck

I have no position, I could care less what it does – just trying to help those who think it would actually get bought out from getting stuck in a penny stock scam that has a VERY HIGH potential to halt