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      Why BlueFire Equipment (BLFR) is Suddenly Rocketing? - Stocks Telegraph

      By ST Staff

      Published on

      August 12, 2022

      11:10 AM UTC

      Why BlueFire Equipment (BLFR) is Suddenly Rocketing? - Stocks Telegraph

      BlueFire Equipment Corporation (BLFR) is a company that had been off the radars for a while and has suddenly gotten investors’ heads turning. In just the last month, BLFR has shot up by a staggering 500%. During yesterday’s trade session, it had seen a surge that, at one point in time, amounted to 400%. Although this was eventually stabilized at 138%, it shows that there is something extraordinary about the stock.

      BlueFire specializes in drilling equipment that is used by oil and gas companies for exploration and the production of oil and gas. Its price shoot-up links to an announcement by management made yesterday, which discusses plans for a restructure through a triangular merger. The company elaborated that the move would entail an entirely new management team, as well as a name and ticker change, as it expands to the OTCQB tier.

      While the news of a management restructuring and a fresh strategic restart may be enticing, it is far from sufficient at justifying the magnitude of the price shoot-up seen with the stock. The real bombshell that sent BLFR flying was the company’s announcement pertaining to its financial position.

      BLFR was officially debt-free, and thus the fear of a looming bankruptcy that hovered over its shareholders was suddenly lifted. Coupling its management restructure, triangular merger, and its newly attained debt-free status, bulls in the market rushed to correct the stock’s price.

      BlueFire Equipment (OTCMKTS: BLFR) faces the opportunity to make a fresh start in the market and capture new opportunities in the industry. Its largest obstacle towards value creation for its shareholders had been the insurmountable debt it was faced with. With this out of the way, the company stands clear to attain its financial sustainability through the attainment of its relevant strategic objectives, as laid out by the new management team.

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