By on May 8, 2015

Perepetual Penny Calendar

Tesla’s announcement Thursday of its purchase of Riviera Tool LLC sent shares of the supplier’s old penny stock soaring, but it may have been for nothing.

In over-the-counter “pink-sheet” trading, the penny stock for Riviera Tool Co. — the former name of the Grand Rapids, Mich.-based supplier — jumped 10,000 percent from less than a penny to a peak of 60 cents a share, Detroit Free Press reports. The old stock would later close at 22 cents, an increase of 4,400 percent when compared to its worth hours earlier. The OTC trading saw 16 million shares exchange hands after a lull in activity lasting over a month.

However, the shares may not hold much value at all. In 2007, an investment into the supplier by Laurus Master Fund, Ltd. took Riviera Tool off the American Stock Exchange trading floor, though a number of public shares landed in the pink sheet market, where traders buy and sell low-value stocks. Riviera became an LLC once taken off the market, rendering the old shares as little more than keepsakes.

Riviera Tool is responsible for producing stamping parts for Tesla, and will be renamed Tesla Tool & Die by its new owner.

[Photo credit: Windell Oskay/Flickr/CC BY 2.0]

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3 Comments on “Riviera Tool’s Old Penny Stock Erupts After Tesla Purchase Announcement...”


  • avatar
    Felix Hoenikker

    Scamiforous

  • avatar
    sirwired

    Now that I think about it, I haven’t gotten much Penny-Stock spam in a while… I wonder where it all went?

    On another note, in addition to being impotent, possessing of a small penis, desiring of female companionship, both wanting a wife and to cheat on the one I have (depending on the message), and in the market for all sorts of controlled substances, apparently I should add deafness to the list of things that spam would like to cure me of. Spam to hock cheap Chinese hearing aids? Seriously? Talk about scraping the barrel.)

    Despite these many ailments, there has been a dramatic reduction in the number of African Potentates / Long Lost Dead Relatives / Mysterious Boxes / Generous Benefactors / ATM cards addressed to me. How am I supposed to pay for my drugs/women/hearing aids without them?

  • avatar
    Ron B.

    Tesla has come to the attention of the left wing /green biased Australian Broadcasting corp. It’s household battery system is being touted by the ABC in OZ as a means to defeat global climate change (or knutism,as it known to most folks) and as is usual in OZ politics,the golden rule applies,that is,the one with the most gold rules . Tesla is obviously flooding the in boxes of the politicos here with information about it’s much vaunted batteries. A concept first invented about 200 years ago,but now seen by the under 30’s as something truly marvellous. When you are able to suck in the bureaucracy of a wealthy country like OZ you have struck the jackpot and Tesla will need a factory to supply batteries if OZ citizens are yet again going to forced to bend over to accomodate the wishes of the greens .(or those who desire the green vote) .


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