Thinspace Technology Inc (OTCMKTS:THNS) Sobers Up
After a three-day dizzying excursion up the charts, Thinspace Technology Inc (OTCMKTS:THNS) is now rushing back down, wiping gains with broad, carefree strokes. Yesterday the company closed another 17% down, stopping at $0.007 per share as 38 million shares changed hands.
Despite dropping what was presented as big news before the market opened on Wednesday, THNS slid some 30% over the next two sessions. The company announced AlarmForce, a home security business, “selected” Thinspace as its virtualization solution provider. The news did absolutely nothing to stop the declining price from slipping further.
The endless downpour of paid pump emails targeting THNS also plays a major part in the company’s disappointing chart movement. In April THNS was trading at $0.10 per share, then 80 pump emails later, it’s flattened over 90% below those levels, trading in double zeroes.
The latest pump clocked in along with the press release about AlarmForce, echoing the official company statement. Promoter outfit TheNextBigTrade dot com disclosed receiving $20,000 to advertise THNS stock.
THNS reported 104 million outstanding common shares as of May 12 this year. With 114 million in daily volume last Friday, the company’s common shares have likely gone up from that number and by no small percentage at that.
The pumps for THNS show no signs of slowing down and until at least those come to an end, the company’s chart performance might continue to disappoint.