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Kalmin Corp. (OTC:OTCPK:KLMN) has experienced a sharp increase in its share price in recent weeks.This got our attention and got us to take a closer look.
But first, what is Kalmin Corp., and what do they do?
Kalmin Corp is an emerging App company that develops apps primarily for the iPhone, iPad and Apple watch. - 'Company Overview', from the OTC Markets.
From KLMN's most recent 10Q filing with the SEC:
"Kalmin Corp. (“the Company“) was incorporated on July 20, 2016 in the State of Nevada. The Company previously manufactured and sold the necessary equipment for drinking mate - kalabas and bombilla."
"On May 4, 2018, as a result of a private transaction, the control block of voting stock of the Company, represented by 4,000,000 shares of common stock, was transferred from Jose Maria Galarza Gaona to Greenfields International Limited, and a change of control of Kalmin Corp. has occurred.
Upon the change of control of the Company, the existing directors and officers resigned immediately. Accordingly, Jose Maria Galarza Gaona, serving as director and President and Karel Astride Oulai, serving as Treasurer and Secretary, ceased to be the Company’s officers and directors. At the effective date of the transfer, Teddy Chen An, age 36, assumed the role of director and Chief Executive Officer, President, Secretary and Treasurer of the Company.
The Company is currently evaluating its future strategic business plans."
On December 1, 2018, KLMN entered into a Share Sale and Purchase Agreement (the "Agreement") with No Tie LLC ("No Tie"). Under the terms of the Agreement, KLMN have agreed to purchase all of the issued and outstanding shares of No Tie and its mobile application assets for a purchase price of $37,500 (the "Acquisition"). - Information gathered from their 8K filling with the SEC on 2019-01-25.
Recent stock performance:
What has caused this impressive rise in its value? Was it the change of control? Acquisition of No Tie LLC? Or is there something else to this story? What exactly has led KLMN to achieving a $43m market cap?
Well known penny stock alert services began sending out alerts on the name and spreading misleading information, urging investors to first purchase the stock at $3.
We can provide evidence of stock promotion. Well known promoters: thepennystockanalysts.com and pennystockinvestors.com have been sending out promotional alerts on the company for three weeks now.
Penny Stock Promotional Email Newsletters
KLMN was recently tagged Caveat Emptor by the OTC Markets. "buyers beware. There is a public interest concern associated with the company."
Tagged by the OTC on Feb 1 '19.
KLMN, as per their Nov. 30th filing, have no bank account and possess zero cash.
KLMN do not have any full-time employees.
KLMN have ZERO assets.
KLMN have ZERO income.
KLMN have ZERO revenue.
KLMN do not have physical office space.
- Kalmin's address listed with the SEC "8 THE GREEN, SUITE #5140 DOVER DE 19901"
A search of this address revealed that it is registered to a company offering a Virtual Office Service.
Kalmin Corp. do not have a working website
- A search of their website(https://www.kalmincorp.com/) revels the following:
You can find the company's wesbite listed on: nasdaq.com, bloomberg.com
Financials, From Their Nov. 30th 10Q:
"The company has no bank account and does not possess any cash."
Unfortunately, many uneducated investors still seem to be buying shares at the advice of the pumpers mentioned above.
We believe the share price of KLMN will fall over 90% once the promotion ends.
Cautious investing to all.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.