Petroteq Energy Inc (OTCPINK: PQEFF) closed last session at $0.1200 after experiencing an increase of 84.62% that raised its market capitalization to $55.79M. Recent trades of Petroteq stock reached 39.70M shares, which is higher than its average daily volume of 1.75M shares. PQEFF stock rose after a share purchase offer was confirmed in Germany.
How did the shares get offered?
Petroteq develops and implements new proprietary oil extraction technologies and environmental restoration technologies. In addition to oil sands and oil shale deposits, PQEFF has developed a technology to recover and utilize heavy oil and bitumen from deep oil deposits. The PQEFF is working on developing and implementing its patented techniques for processing and extracting heavy oils.
Petroteq announced this week that several European shareholders emailed PQEFF on May 19, 2021, advising the company that they had received what appeared to be an offer to buy Petroteq’s shares.
- PQEFF was notified of this offer but was also told to consult Bundesanzeiger, an official publication of the German Federal Ministry of Justice and Consumer Protection.
- A search for the word “Petroteq” using the link yields two results.
- If one selects “Uppgard Consult AB Krylbo”, then the purported offer is available in German.
- According to the notice, investors in jurisdictions where the offer violates the law are not eligible for the offer.
What PQEFF found out?
The management of Petroteq (PQEFF) requested additional information about the proposed offer to its board of directors after reviewing all information available. The board of directors directed management to contact Uppgard Konsult AB, Sweden, the party identified in the Bundesanzeiger.
As a result, Uppgard Konsult AB stated that they are acting for an unidentified third party and provided limited responses to PQEFF’s inquiries. It was indicated by Uppgard Konsult AB that they had a mandate from the offeror to complete the involved purchases. Uppgard Konsult AB did not disclose who the offeror is but indicated that the offeror intended to issue a press release in due course.