Even the Paid Pump Can’t Stop Axiom Corp. (OTCMKTS:AXMM) From Crashing
Out of the last eight sessions the stock of Axiom Corp. (OTCMKTS:AXMM) has registered a single one ending in the green and even then it barely closed with a gain of 1.3%. Not only has the stock been unable to reverse its downwards slide but it is hurtling down the chart at an even greater speed. Yesterday the company slashed 26% of its share price and finished the day at $0.185 per share with over a million shares being dumped on the market.
So far AXMM has wiped nearly all of its gains posted in the first half of the month when the company surged from $0.14 to a high of $0.47. The impressive climb up the chart however was not sparked by a new development around the company’s business operations. No, the only thing that pushed the stock in the right direction was a new paid pump.
So far AXMM has been targeted by paid pumps on two occasions in just a few months. Back in March the pump outfit InvestorEdge carried out the promotion while at the moment a landing page crated by the entity AXMM Stock Report is touting the company. The paying party for both pumps is OSLO Holdings. The InvestorsEdge campaign ended in disaster and now it seems that the current pump is following suit.
Without the artificial hype Axiom may have significant troubles maintaining their market cap that even at the moment is sitting at more than $12 million. How unrealistic such valuation truly is becomes painfully obvious after a single look at the company’s financial results for the first quarter of 2015:
• $137 thousand cash
• $235 thousand total current assets
• $480 thousand total current liabilities
• $11,301 revenues
• $384 thousand net loss
For now AXMM could continue to be on the receiving end of paid pumps. Back in 2012 the company sold 26.4 million shares at $0.0015 each and the people who got them could continue to reap millions in profits by dumping the shares on the open market.