Creative Edge Nutrition Inc. (OTCMKTS:FITX) Explodes On Spin-off News
Creative Edge Nutrition Inc. (OTCMKTS:FITX) managed to add 39.53% to its market cap yesterday, as investors rushed it again once they heard the news that the company has finally made its fabled spin-off happen.
FITX‘s fervent supporters, the so-called “BILLievers”, named after the company’s ex-CEO Bahige “Bill” Chaaban, were immensely pleased to hear that Mr. Chaaban will once more join the management team. This time, he will be president and CEO of the spinoff CEN Biotech Inc. The only question here is – why were they so excited?
Why are investors so pleased to see Bill Chaaban in FITX once more? During his time at the helm, FITX achieved scant little. It sank a ton of money into building an incredibly expensive facility. FITX was then denied a license to grow marijuana in said facility, and as a result the company has been sitting in limbo ever since. Mr. Chaaban’s charismatic leadership and tender care left FITX in a downward spiral that took its share prices from $0.1 all the way down to $0.0027, where the ticker was sitting idly just a couple of sessions ago.
Maybe it was his business acumen that left FITX investor value in such a sorry state. Maybe it was all the misinformation and failure to deliver on promises that pushed investors away. Or maybe it was the $5 million worth of FITX stock that he has sold in the last two years or so. Nobody can know for certain, as FITX is a pinksheets company and not all that keen on filing reports about such details. However, the result can be seen on the charts.
With this in mind, investors should probably ask themselves a very serious question – is this news really worth the hype around Bill Chaaban that is currently pushing FITX up? And, more importantly, what will happen once said hype inevitably dissipates?
