BioNovelus Inc. (OTCMKTS:ONOV) Crashes Horribly
Yesterday BioNovelus Inc. (OTCMKTS:ONOV)’s pump finally went sour, taking the ticker all the way down to the $0.08 mark over the course of a single session.
As investors well know, it is not uncommon for tickers that have been on the receiving end of a paid pump campaign to lose all their market cap gains and then some when the whole thing goes bad. This is why it was not surprising to see ONOV crash 52.94% in yesterday’s session, and why it wouldn’t really be surprising to see the ticker fall further down the charts in today’s session as well.
Even before the crash started, there could have been little doubt that ONOV was just your average OTC Markets pump job. The company certainly fulfills all the criteria to be classified as such – its management was spewing loud, boastful and unrealistic statements left and right. Said statements were, of course, completely unsubstantiated, because its financials looked positively dismal:
- Cash – $7 thousand
- Total assets – $1.1 million
- Total liabilities – $1 million
- NO REVENUES EVER!!!
- Quarterly net loss – $30 thousand
Log story short – everything about the company screams “BUYER BEWARE” – from its poor balance sheets to the fact that it already had a 1 for 750 reverse split in its recent history.
The only thing that remains to be seen is whether this crash can take ONOV all the way down to a nickel, or maybe even as low as a penny.
