Oblong Inc. is setting up for another massive run after a solid consolidation, you can see in the above chart the similar patterns have been detected in the past and resulted with a huge breakout. This particular stock has 3.57 million share float with high percentage insider ownership, meaning this stock could be moving very fast. The chart is hinting a daily breakout pattern any day from now, currently breaking out of a bullish descending wedge. Expecting a run up over $12, passing the last large green candle.
Oblong Inc. (NYSE: OBLG), a downtown-based remote meeting equipment business, has recently raised $5 million in a private placement in public equity, or PIPE, investment. The company plans to issue 1.25 million shares of common stock at $4 a share pursuant to the deal. The price represents a roughly 27% discount on the company’s share price at market close on Dec. 7 — the last day of trading before the announcement.
Oblong designs and sells setups for remote meetings across a range of sectors, including businesses, government agencies and academic institutions. Its clients include corporate titans General Electric Co., Verizon Communications Inc., Siemens and IBM Corp, according to the company, as well as the Federal Aviation Administration and the Department of Defense.
Oblong’s Technology used by a Diverse Portfolio of Fortune 500 Customers
Source: LA Business Journal