BlueFire Equipment Corp. (OTC:BLFR) Stock Gains 150% in a Week: Here is Why
As another trading week continues on to its second day, it is likely that investors are expected to take a closer look into those stocks that had come on to focus on the first day, which is Monday. Yesterday, there were a number of companies that hit the headlines, and one of those was BlueFire Equipment Corp. (OTC:BLFR). On Monday, the company, which is involved in making acquisitions in emerging industries, shared a letter from Nickolas S. Tabraue, the interim Chief Executive Officer and Director of the Board at BlueFire Equipment.
The letter touched upon some recent updates as well as the regaining of current status. In the letter published yesterday, Tabraue noted that on October 11, he announced that the company had been uploaded to the OTC Markets in the quarterly reports for the periods ended on March 31, 2023, and June 30, 2023.
He noted that the OTC Markets Group had originally informed him that it would take a total of three days between the upload and the attainment of current status if no amendments were needed. The interim CEO noted in the letter yesterday that he had called the OTC yesterday and had been apprised that the whole thigh would take around 10 days. That being said, Tabraue noted that the OTC representative he spoke to did inform him that they would write a note to its analyst team following the lapse of 5 days from uploading.
He stated in the letter that, following the latest update, he expected that the company would regain its current status in a week’s time. Once the company became current, Tabraue stated that he had plans to make a global announcement about the company’s merger and subsequent plans. He also shared the agreements and documents that had been shared by the company with the OTC Markets Group.
On April 27, 2023, the company was in the news after it announced that it had completed the acquisition of Sun Industrial Group LLC. It was announced at the time that Lake Charles, Los Angeles-based Sun Industrial was a full-service mechanical engineering contractor that was a specialist in downstream and turnaround services. In the news release provided by the company at the time, it was revealed that Sun Industrial provided industrial maintenance, construction, pipelines, site development, and project management, among others.
It was further noted that in the fiscal year that ended on December 31, 2022, Sun Industrial had managed to generate revenues to the tune of $6.31 million to go along with net operating income of $308743. The EBITDA earnings for the fiscal year stood at $577404. The acquisition was completed through a transaction that was entirely in stock. BlueFire Equipment Corp. issued 50000000 shares of its Preferred Stock Series A and also transferred 900000 units of the Preferred Stock Series B shares to the existing owners of Sun Industrial. At the time, it was noted that BlueFire Equipment wished to audit the financials of Sun Industrial after the completion of mergers with candidates that had been pending.