Blue Sphere Corp (OTCMKTS:BLSP) Surging For No Apparent Reason

[[tagnumber 0]][[tagnumber 1]]With little exceptions we saw the stock of Blue Sphere Corp (OTCMKTS:BLSP) slide down the charts, losing quite a lot of value in the past several months. The ticker fell below the 1 cent per share mark in the beginning of last month, but quickly began to recover.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]We even received a promotional email from Blue Horseshoe Stocks on August 17 which listed no compensation, so we guess that they were just trying to prove to their readers that they know what they are talking about by touting a stock that is already on the run. The ticker crashed shortly after and it couldn’t be any other way, considering that the financial report for the second quarter was filed just a few days before and contained the following numbers.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 9]] [[tagnumber 10]]cash: $267 thousand[[tagnumber 11]] [[tagnumber 10]]current assets: $465 thousand[[tagnumber 11]] [[tagnumber 10]]current liabilities: $5.87 million[[tagnumber 11]] [[tagnumber 10]]revenues: ZERO (since inception)[[tagnumber 11]] [[tagnumber 10]]quarterly net loss: $3.13 million[[tagnumber 11]] [[tagnumber 20]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Now, that most certainly doesn’t look good. But that isn’t stopping [[tagnumber 24]]BLSP[[tagnumber 25]] from showing us unexplainable upward rushed in the charts. Last Thursday we saw the ticker burst out and gain 53.41% of value and climb to $0.0135 after it reached a 52–week low of $0.0088 in the previous session. The ticker finished the week a bit weaker with a 3.70% gain in Friday while there were still no new press releases, filings, or promotional emails.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This week also started rather strong and we saw [[tagnumber 24]]BLSP[[tagnumber 25]] gain 42.86% in yesterday’s session. The volume increased somewhat, but the 4.71 million shares that changed their owners as the ticker was heading for a close at 2 cents were enough to generate only $93 thousand in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This time there was a PR from the company. An hour before the market opened [[tagnumber 24]]BLSP[[tagnumber 25]] announced that all the convertible debentures have been converted. This means that a massive amount of highly discounted stock will hit the market, but the press release contains some optimistic comments from [[tagnumber 24]]BLSP[[tagnumber 25]] CEO, Shlomi Palas.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]He once again stated that he things the company’s common stock is “significantly undervalue” and one of his arguments was that the balance sheet was stronger. We don’t see such a thing. In fact, comparing the first quarter to the second we see that the cash reserves have dropped by 28%, the liabilities have gone up a whopping 319% and the net loss is 72% bigger.[[tagnumber 2]]