First Global clears $100 million market cap with FINTECH Solutions5 min read
First Global is a TSX Venture tech issuer hitting new highs daily after just returning from a trip to China. In a sea of rising junior gold stocks, First Global has a chart most companies can only dream of.
First Global – 6 Month Chart
How did they do it? Like Trump’s first few weeks in office, they are moving fast. Since December 1st, the company has put out 15 separate press releases. They are averaging more than one press release per week. Impressive. And the market has taken notice.
The title of First Global’s latest press release was: Positive Reception in China for First Global’s FINTECH Solutions. Below is a short excerpt from the company’s press release from February 9th.
“The Company has had significant interest from some of China’s most recognized enterprise brands. However, due to confidentiality reasons cannot announce the MOU’s nor the signed NDA’s that enable the initiation of open technical dialogue with respect to the company’s award-winning Payqwik app and First Global’s cross-border payment solutions.”
Click here to read the entire press release.
Released on Thursday morning, this press release has led to rampant speculation and has created a buying frenzy. More than $2.6 million worth of stock exchanged hands Friday alone on greater than 4.3 million shares traded. First Global’s previous high was $0.57 per share from yesterday… it closed up 24% today at its new all-time high of $0.66.
First Global Data’s two main lines of business are mobile payments and cross border payments. According to the company, its “…proprietary leading edge technology enables the convergence of compliant domestic and cross border payments, money transfers, shopping and peer to peer payments.”
“First Global enables it strategic partners and clients around the world with our leading edge financial services technology platform. First Global’s network spans 97 countries, with the expansion to 112 countries expected by the end of 2017 and more than 54,000 distribution and payout locations globally. We are integrated with over 200 banks.”
Click here to learn more.
First Global | profitable and growing
Unlike the majority of junior tech deals on the Venture, First Global is profitable. The company announced its Q3 results on November 30th. Below is a short quote from Andre Itwaru, the Company’s Chairman and CEO:
“We are proud to announce that our revenues continued to increase in the third quarter, and we were profitable again in Q3. In the past year our revenues have improved significantly over the prior year and we have experienced, now, three consecutive quarters of profitable growth, which is rare in the FINTEC sector. We have expended tens of millions of dollars on our technology to get to our current stage of evolution and we have arrived at a tipping point whereby we penetrate markets like India and the rest of the world to access millions of consumers through strategic partnerships.”
Mr. Nayeem Alli, the Company’s CFO, commented:
“We continue to focus on improving our balance sheet as we drive top line and bottom line revenues through our international expansion, by maximizing the value of our current 21 money service licenses in the USA, integrations with more than 250 banks in 97 countries around the world…”
Click here to read the entire quote and press release.
New Investors: always check most recent financing
Since January 31st, there has been over 32 million shares traded on the TSX Venture in First Global’s market between a low of $0.34 and the company’s new all-time high of $0.66 hit today. It has been our experience that many new investors to a story simply do not look into where shares were issued for capital. Not that it is a bad or good thing, but the average cost of early investors is a metric that must be considered when evaluating junior deals.
On November 11, 2016 First Global announced that it was raising up to CDN $3,000,000 of gross proceeds from the sale of up to 30,000,000 units priced at CDN$0.10 per Unit. That was only a few short months ago. In addition, each unit includes one purchase warrant entitling the holder to purchase one common share for a period of three years from the closing date of the offering at an exercise price of CDN $0.20 per common share. The company closed that private placement on December 7th, which means on April 7th there will be 30 million shares free trading. Not only that, there will be an additional 30 million warrants, presumably in the money if First Global’s shares stabilize anywhere near these levels.
Click here to read more about the company’s latest financing.
Geopick climbs ranks with First Global selection in February
Long-time Pinnacle member ‘Geopick’ selected First Global for February and saw his combined average return jump 16.27% Friday. Geopick has now moved into 10th overall with a 25.49% return thus far in February’s Stock Challenge.
Gold stocks have been leading the TSX Venture higher session after session. The Venture has only fallen once in the month of February. After blowing through 800 on January 26th, the exchange has not looked back. In fact, it is now approaching its 52-week high of 848.13 hit on August 11th.
While gold stocks rage to new 52-week highs, there are a number of tech deals, such as First Global, who are quietly building their valuations and attracting investors from all over the country. Everyone is chasing long-time member and past Stock Challenge Champ ‘joeyg48’ and his 63.63% combined average return thus far in February.