- Working with JD.com on future logistics collaboration
- Traded over 3.3 Million shares on Tuesday
- CTO Bruce Montgomery boasts impressive resume
MAGP closed at 0.01258 +867.69% on Tuesday on volume of 3,481,434 shares. The company traded as high as 0.016 (up well over 1000%) and a open of 0.002, while closing at 0.0013 yesterday.
What we know: Magplane Technology, Inc. (“MTI”), is the developer of the Magplane system. Based in Hampton, New Hampshire, USA, the company was founded in the mid-1990s by a group of MIT engineers who developed the basic Magplane concept. The company has focused in developing projects and leading engineering support.
Company Website: http://www.Magplane.com
The company recently attended a logistics show hosted by Chinese e-commerce giant JD.com. Read the JUNE article from the ASIA Times below. The article quickly spread around social media, chatrooms and investor forums as sub-penny stock investors jumped on the opportunity.
When digging deeper, OTCMarkets.com shows a tiny market cap ($243K) which in our opinion is less than the cost of a good shell company, yet the company claims to have magnetic levitation technology great enough to get eCommerce giant JD.com to want to potentially joint venture on a future project. Also not that Bruce Montgomery was quoted in the article and is listed as the CEO…so not to be confused with another company.
Just to make sure OTCMarkets’ info is not out of date, the company website also lists Dr. Bruce Montgomery as the Chairman of the Board and the CTO. His bio boasts of booking writing, 100+ papers on magnetic design, Retired from MIT (Mass Institute of Technology), worked at Raytheon and much more. He has a doctorate and to be allowed to lecture and work at MIT, you have to know your stuff!
As far as we know, there is no news or filings. Some companies wish to stay quiet and not deal with the public, yet can not hide from the press which the instance today. With the power of the internet and the vast resources of information at our fingertips, not to mention the due diligence capabilities of penny stock investors, we expect to see more information pop up within the next 24-48 hours.
Disclosure: PSInvestor does not hold a position in the company nor have they been compensated the mentioning of the company.