Do Not Read This: Diego Cagahastian from Opinyon
Do Not Read This

Apollo Global completes FOO

Sep 10, 2021, 12:36 AM
Diego S. Cagahastian

Diego S. Cagahastian


THE master swing trader Oliver Velez has a simple visual test to determine if a pullback of a parabolic rise in a stock's prices is just a healthy one or one which will develop into a disaster -- an avalanche of bloody, falling knives.

In the case of $APL, once it peaked at 0.4291 (Jan. 20, 2021) from its base at 0.0522 (Dec. 4, 2020), it was a dizzying roller-coaster downward swing that continues to this day.

Since it breached the halfway mark at around 0.2300, it was definitely a disaster waiting to happen.

So Apollo slid down as fast or even faster than it zoom up, and one reason is that the company and its subsidiary had a hard time starting full operations of their deep-sea mining.

With the completion of its follow-on offering (FOO), Apollo should be in a position to reverse the price of its stock, as operations continue.

In a disclosure to the Philippine Stock Exchange on Aug. 31, Apollo Global Capital, Inc. said it has sold 12,350,000,000 shares at 8 centavos each during the follow-on offering (FOO).

The net proceeds from the offer amounted to P965,347,174.89, the company said.

According to its prospectus dated Aug. 13, the company will be using the majority of the proceeds from the follow-on offer to acquire a 49% stake in Poet Blue Ocean Pte Ltd. Proceeds will also be used to buy environmental and ecological mitigating measures, equipment and insurance as well as for its general corporate purposes.

Singapore-based Poet Blue Ocean owns the MB Siphon Vessel 1, which will be used for the offshore mining activities of Apollo Global subsidiary JDVC Resources Corp.

The MB Siphon Vessel 1 is estimated to start its operations on or before the end of April next year.

Apollo will also purchase environmental protection equipment and offshore mining protective gears from China and Japan, which normally takes 4 to 5 months.

$APL opened and closed at 0.1120on Wednesday, below its 20MA and in the pit of its 200MA.

So, for holders of $APL who have been waiting, wait some more.Patience is a virtue, remember?

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