Cantabio Pharmaceuticals Inc. (OTCMKTS:CTBO) Comes Crashing Down
tags: CTBO
Cantabio Pharmaceuticals Inc. (OTCMKTS:CTBO) had an impressive surge in the first few sessions of July – but after yesterday’s red close, that state of developments seems to be well and truly over. Now, it is face-planting, and doing it hard.
As we have stressed on multiple occasions ever since CTBO‘s emergence from illiquid obscurity about a month ago, it is only natural that the ticker would do so. After all, we’re talking about a company whose latest financial report looked like this:
- Cash & total assets – $100 thousand
- Total Current Liabilities – $188 thousand
- Quarterly Net loss – $65 thousand
It is only natural that such an entity would have a difficulty retaining its massive market cap of more than $80 MILLION with balance sheets looking like that – especially since said market cap was only made possible through the efforts of a couple of notorious paid pumpers.
For what its worth, SmallCapLeader seems to have given its all to carry the torch that OTCtipReporter handed them, and the results the pumpers achieved are impressive indeed. In spite of being paid only $17 thousand, the former company drew a lot of attention to the ticker – but as we all know, even the most successful pumps fail.
It is inevitable – and it looks like this is precisely what is going to happen to CTBO now. Sure enough, bold and opportunistic traders may yet find an opening to make a profit before the whole affair goes south – but even attempting such a thing carries tremendous risks. Let the buyer beware.
