American Transn Holdings (OTCMKTS:ATHI) Stops, Drops, and Rolls
On November 6, 2014 a certain Ian Stewart took American Transn Holdings (OTCMKTS:ATHI)’s helm and he said that he is about to steer the company into a different direction. He informed us that ATHI is about to become a developer of peer-to-peer betting and gaming applications.
A few days later, Mr. Stewart announced that an agreement has been signed which was supposed to result in three brand new peer-to-peer betting platforms. In December, he said that ATHI will become an SEC reporting company during the first quarter of 2015.
Over the next two months, Mr. Stewart issued no press releases. The betting platforms didn’t come out and the company didn’t start filing with the SEC. Instead, on February 18, ATHI quietly announced that Ian Stewart has stepped down from his position as a CEO.
A little over a month later, ATHI had the following financials:
- current assets: $43,700 in cash
- current liabilities: $272,517
- NO revenues
- quarterly net loss: $12,500
Things are not looking good, but it must be said that there might just be a light at the end of the tunnel. The latest report tells us that on June 11, ATHI acquired a Maryland-based app developer called AMCT Inc.
Sadly, AMCT’s internet presence seems to be all but non-existent, and the report in question covers the first three months of 2015 which means that the statement above doesn’t include the new subsidiary’s assets and liabilities. So, some pretty important figures are missing and they won’t be out until the end of the month when the annual report for the period ended June 30 is due.
Certain people reckon that it’s going to be good. In fact, they’re so excited about the upcoming statement, that they forgot to turn their Caps Lock off and they literally flooded the discussion boards and social media.
As many of you probably know, you don’t need much to push an OTC stock (especially a sub-penny ticker) in the right direction. A few optimistic posts could sometimes be enough, and when you add some rumors (which the people touting ATHI did), success is almost guaranteed.
Sure enough, ATHI went through two quite interesting sessions. First, it woke up on Friday and it surged by a massive 500%, reaching a close of $0.0006 per share. Monday was no less exciting. The volume was even stronger and after another 216% push, ATHI found itself on the doorstep of the $0.002 mark for the first time in almost five months.
As many of you should also know, however, OTC stocks tend to crumble down just as quickly as they go up. Especially when they are fueled by nothing more than rumors written in all capital letters.
During yesterday’s session, ATHI wiped out more than a third of its market cap and it stopped at just $0.0012 per share.
Some people aren’t too bothered about the crash. They still have their Caps Lock on and they still claim that the stock is preparing for a strong surge in the right direction. Others reckon that ATHI is about to drop back in triple-zero land where, they say, it belongs. You will be the one to decide which camp you should join. What we can say is that getting too excited in Pennyland could prove costly.
