AVRA Inc. (OTCMKTS:AVRN) Jumps On WhatsApp Pump
After several months of lethargic decline, AVRA Inc. (OTCMKTS:AVRN) exploded into motion last Friday.
Allegedly, the massive spike that brought the ticker all the way up to $1.26 on was due to an unsolicited spam WhatsApp text message. As reported by MarketCapDaily, said message hit the web at 8:20 PST, saying that AVRN’s going to run all the way up to $1. Just like a paid pump, the message worked as a sort of self-fulfilling prophecy – the ticker climbed up the charts because people believed it and bought more, and people believed it because they saw the ticker rise.
And just like most miracles, AVRN‘s climb didn’t really last. After the chain reaction that pushed the ticker up was interrupted, it took the ticker just 20 minutes to lose almost all of the altitude it had gained and plummet right back down to the bottom of the charts.
Interestingly enough, at the end of the day AVRN did manage to hang on to 26.67% of its gains after a record number of 5.1 MILLION shares of its common stock had changed hands. And why is that so interesting?
Because, as indicated by the company’s latest 10-Q, AVRN‘s financials look horrible even by the exceedingly low standards of the OTC Markets:
- Cash and cash equivalents – $25 thousand
- Total Assets – $26 thousand
- Total Current Liabilities – $245 thousand
- NO REVENUES EVER
- Net Loss – $118 thousand
There’s simply no room for debate here – the company’s achievements are objectively negligible. However, although AVRN certainly doesn’t look like it has done anything to create investor value in the last year, it still has diluted its stock by nearly 35% during that period.
Long story short – AVRN rose on something that had a similar effect to, even though it was not exactly, a massed paid pump campaign. With this fact, and the results of some very basic due diligence, in mind investors should be able to get a very good idea exactly where this ticker will be headed before long.
