GOGB becomes GOIG

In a move that's all to familiar to anyone who's played with penny stocks, GoIP Global changed its trading symbol (GOGB => GOIG) and did a 200-for-1 reverse split on Friday.

Typically, companies do this when they're in danger of being delisted for falling below 0.0001 - and typically, a reverse split is followed by the company dumping tons of new shares on the market, usually before the online brokerages catch up with the name change (hence, you can't dump your shares for a couple of days after the stock is renamed) driving the stock down to its pre-split levels and screwing everyone involved, with the exception of the brokerage that makes a commission, crooked insiders, and the executives who give themselves a fat bonus for their hard work.

But oddly, this didn't happen ... GOIG slipped a bit, then bounced back up.

Granted, trading is still light (one transaction for 2500 shares today, just before the bell), and it's entirely possible that the price is being manipulated ... and there's still plenty of time for the company to dump shares ... but for the moment, it's a strange phenomenon, the likes of which I haven't seen before. There was no press release from the company to explain this - before or after - which is also quite unusual.

I suspect I'm not the only one waiting for sufficient volume to cash out and get free ... and I tend to doubt that I'm out of the woods just yet.