Getting going on a half-a-million dollar contract and and member of the leadership team taking stock as a repayment for money owed has been enough to catalyze shares of One Horizon Group, Inc. (NASDAQ:OHGI) in Wednesday trading action.
After lumbering around 70 cents lately, a considerable drop from earlier this summer when shares were $2+, the stock is one of the best on the Nasdaq exchange today, exploding ahead by at 76%
The London-based developer of messaging software said that it has begun implementing a contract valued in excess of $500,000 it won in June 2017 to provide secure messaging software to a customer in Hong Kong. One Horizon expects to realize the revenue during the third and fourth quarters.
One Horizon's Principal Executive Officer Martin Ward is optimistic about the future of the company, saying that disposing of its Voice-over-Internet-Prototol unit and slashing expenses to focus on Software-as-a-Service and software sales in Asia should lead to the company back to cash flow positive "in the near term."
In a demonstration of his faith, Ward accepted 859,802 shares earlier this month as payment for $662,048 the company owned him. At $0.77 per share, Mr. Ward is doing quite well with today's shares galloping ahead to $1.31 with a couple hours left in the trading session. While unrealized and only on paper, that's a gain of $463,433.
With the run today, technical traders will surely take notice that the stock is facing down OHGI's 200 day moving average (currently at $1.44) and some static resistance around $1.60. A move through those points would largely be considered bullish by technicians.
