Crown Marketing (OTCMKTS:CWNM) Breaks Through The Floor
The situation around Crown Marketing (OTCMKTS:CWNM) was quiet for a long time, but the ticker livened up in yesterday’s trade session. Unfortunately the active trading didn’t manage to do anything else than crash CWNM‘s stock price through the floor.
It all started right at the beginning of the trading day as we received a total of 5 emails touting CWNM in just 10 short minutes and it seems that the promoters in question had a big database as the interest in the ticker was very high. The session started with an outburst of traded shares which drove the price down very quick.
Until yesterday CWNM‘s stock was very quiet for a month in which they had trade sessions with volume as low as 6 thousand traded shares and the only big jump in daily volume was on June 28 (the last trading session for last month) when their shares traded in a volume of a little over 1 million.
It seems, however, that the insiders had enough and decided to dump as much stock as they could which resulted in yesterday’s dumping fiasco. The emails touting CWNM had a good impact on their stock price at first as it went up from $0.037 at market open to $0.0407 in the first minutes of trading. Under the heavy dumping, however, the stock had reached it’s closing price of $0.015 by noon and continued mostly in a straight line with little dips having a low for the day of $0.013.
As we mentioned earlier the heaviest trading took place in the early hours of the trading session and the day registered a total volume of 12 million shares that came at a trade value of $282 thousand. For a while there we wondered on the rash dumping of stock that took place. It could have probably came out otherwise with no such drops in price if the dumping was controlled and the price could have even gone up. However, that’s all history now and whoever bought CWNM‘s stock in the beginning of yesterday’s trade session and kept it isn’t very happy right now.
The company’s response to the situation with the stock was probably best seen as they tried to cover things up with a new press release (their first for about a month). It came at the end of the trade session and it was about plans to develop an oxycodone product which will be based on their patented Controlled Drug Delivery Device (CDDT). However, if they do intend to do so, we must remind you that this will take quite a lot of time for development, testing and FDA approval in which time the price of CWNM‘s stock can be buried even deeper.
Another big “winner” from yesterday was MOJO Organics Inc (OTCMKTS:MOJO) who fell 44% down and are currently trading at $1.80. Not standing far behind are Italk Inc (OTCBB:TALK) who dropped 30% and are now nested at $0.359.
