World Oil Group (WOGI) Stock Rockets 68%: What’s The Buzz?

Among the many stocks that soared on Tuesday, the gains made by the World Oil Group were quite notable. After the company made a major announcement, the World Oil Group (OTC: WOGI) stock soared by 68% amidst considerable interest from investors.

The announcement from the company was a significant one. World Oil Group announced that it canceled as many as 2.12 billion units of its common shares. That makes up 71.8% of the company’s total common shares.

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Hence, at one go, the number of shares available in the market has come down drastically and that naturally resulted in a scramble for the remaining shares. At this point, the number of outstanding and issued shares in the company stands at 833,262,060 units. However, that is not all. It was also announced that the number of authorized shares in the company has also been reduced to 1 billion from 5 billion.

Richard McEntire

Finance and Entertainment Reporter Richard is a bottle of wine - the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.