America Resources Exploration Inc (OTCMKTS:AREN) Musters Volume, Drops
In Friday’s trading America Resources Exploration Inc (OTCMTKS:AREN) slipped and slid a good 28% down the charts. The stock is enjoying a bit of a revival in investor attention, however unwarranted that may be. After climbing from three to seven cents per share, the price is trundling back down, with AREN closing at $0.05 flat on Friday.
AREN is one of the bigger sob stories of the past few months that saw many get burned badly on one of the most painful pump jobs of 2015 so far. The stock ran wild after an extended period of virtually zero interest and to intra-day highs of over a dollar per share. The trip back down to well below its pre-pump levels was relatively long and most decidedly painful. After trading at over $1 per share in early August, AREN was back to under $0.10 by mid-September.
The pump and the subsequent terrible crash of over 90% was likely the reason why AREN is still stamped with the Buyer Beware skull and crossbones symbol on OTC Markets. The company is now running late with its due quarterly report for the three months ended Sep 30. A lone notification of late filing was put up last Tuesday, which makes the sudden spike in investor interest all the stranger.
The previous quarterly AREN put up contained little that could excite anyone:
- $145 thousand in cash
- $63 thousand in current liabilities
- ZERO revenues since inception
- $16 thousand in quarterly net loss
We’ve also been highlighting certain very important red flags about AREN ever since the pump started. Those include the fact that AREN, back when it was still called Alazzio Entertainment Corp, sold 35 million split-adjusted shares for a tad over $20 thousand. There’s no telling if and how much of this discounted stock was offloaded over the course of the promotion.
