In the past trading session, Peak Fintech Group Inc. (OTCPK-PKKFF) posted a 23.10% increase to close at $7.6200. The performance of the PKKFF Stock over the last week was 87.22% versus -293.9% over the previous month. PKKFF stock surged after it responded to a short seller report.
Which report has PKKFF responded to?
Peak Fintech is a parent company of a group of financial technology (Fintech) subsidiaries focused primarily on the commercial lending market. PKKFF’s subsidiaries serve as the conduit between lending institutions and businesses to form the Cubeler Business Hub. In PKKFF’s Hub, analytics and artificial intelligence are used for facilitating transactions among ecosystem members.
Yesterday, Peak Fintech published a Q&A to respond to defamatory claims made about the Company in a report published by Grizzly Research on October 4, 2021. For a Q&A of the report, go to “Peak Response to Short Seller Report” at https://stockfamgroup.com/wp-content/uploads/2021/10/PKK-QA-to-Address-Grizzly-Research-Report.pdf.
In a Monday press release, Peak Fintech spoke out about a misleading and irresponsible report published by Grizzly Research on Monday. PKKFF was alleged to have misappropriated millions in funds in a report by Grizzly Research. There are several false allegations made against PKKFF and some of its executives in this report, which are nothing more than lies and fabrications, responded PKKFF.
This tactic is believed to be Grizzly Research’s way to support its short position by depressing the price of the PKKFF stock. In an effort to make sure that Grizzly Research is held responsible for the harm it caused to the Company and its shareholders, PKKFF will explore all legal avenues.
Peak Fintech recently announced its acquisition of analytics and artificial intelligence company Cubeler Inc. (“Cubeler”).
- It is Cubeler who has developed and owns the technology that powers the Business Hub of PKKFF.
- According to PKKFF, pending the outcome of due diligence, a price report on Cubeler, and an independent third party fairness opinion on the proposed acquisition, the company intends to acquire Cubeler on August 16, 2021.
- As a result of the Acquisition, Cubeler’s shareholders will receive restricted shares for four months.
- Following that period, 50% of the shares will become free-trading, and the remaining 50% will be released and become free-trading two years after the closing date.
How did PKKFF complete the transaction?
PKKFF has subsequently acquired 100% of Cubeler’s issued and outstanding shares for a cash payment of $1,000,000 and 11,133,012 common shares of PKKFF. After acquiring Cubeler, Peak Fintech (PKKFF) now owns the right for the Business Hub concept worldwide. Peak Fintech is looking forward to expanding the concept way beyond the borders of China, beginning with a Hub in Canada later this year.