Firefish Inc (OTCMKTS:FRFS) Is Tanking Big Time

Firefish Inc (OTCMKTS:FRFS) Is Tanking Big Time


Firefish Inc (OTCMKTS:FRFS) is the latest mystery explosion on the OTC. Out of nowhere. No news. No clues. Just a 1,700% rip with no explanation. The only theory we could find – and we must emphasize that this is just a theory – is that this ticker is changing hands through reverse merger to a Turkish company named Gifa Holdings.

The action in the market does look like a reverse merger. However, this could also be a cooked up story as part of a manipulation of public information for obvious motives (ie, buy lots of the stock, and then float clues to this story all over the internet). That said, it would be unusual to have such a scheme go this well without at least some verifiable truth to the story, so we will consider it as a possibility.

Firefish Inc (OTCMKTS:FRFS), up until now, has been a company known for billing itself as a group involved in creating learning opportunities by innovating new products and by partnering with government and non-government agencies. Firefish operates in four verticals (1) Education products and services (2) Technology products and services (3) Consulting (4) Services to not-for-profit organizations.

The last we had heard from the prior company was when they announced, some years ago, that with the rapid growth of its Education products and services, it will now focus extensively on the Education sector and reduce focus on mobile advertising. “The education sector in India is growing rapidly. Firefish is well poised for this growth.” Recently, the company announced its Primary Olympiad was on track to exceed 10,000 registrations with signups from over 100 schools. Primary Olympiad is an annual competition in India for school children in grades 1 through 5 in English, Maths and Science subjects.

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As discussed above, this ticker just went into orbit with no publicly available explanation beyond some forum posts postulating that it is a reverse merger with a Turkish company known as Gifa Holdings.

The hypothetically incoming company has information online that appears to suggest the following: “GIFA Holding will be recognized as an innovative business holding company. We will provide our portfolio of companies with a level of assistance that surpasses their highest expectations. Its investing strategies and network of relationships and ability to leverage those relationships on behalf of its portfolio of companies will be unparalleled.”

The company presents itself as a massively diversified holding company with operating segments across a huge array of sectors.

However, there is no way to verify this at all. There doesn’t appear to be any ordinary level of regulatory structure where documentation is concerned – though we must admit that it is possible we simply were not able to find it.

In any case, this stock is already up a massive amount in recent days, so the easy money has already been made. If you a speculative-minded trader, you had a chance early on in the move to take a shot here. But after such a massive percentage change, and without any clear documentation supporting this grand reverse merger theory, you are set up as the sucker at worst, and the late-comer at best.

We’ve witnessed above 4800% piled on for shareholders of the name during the trailing month, but this action is running counter to the larger trend in the name. The situation may be worth watching. FRFS has a track record that includes a number of dramatic bounces. What’s more, the listing has seen a growing influx of trading interest, with the stock’s recent average trading volume running a bit less than 1400% over the long run average.

Currently trading at a market capitalization of $6.3M, FRFS had virtually no cash on the books, which must be weighed relative to virtually no total current liabilities. But these numbers apply to the company as it might have been without consideration of any reverse merger. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $FRFS stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $FRFS, either long or short, and we have not been compensated for this article.

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