FindEx.com, Inc. (OTC:FIND) Booms on Second Day of Promotion

It seems the penny stock theme for February is to pick long-forgotten tickers and bring them to the limelight. The latest beneficiary of attention is FindEx.com,Inc. (OTC:FIND), as the stock added more than 91 % to $0.013. But this is no surprise, given that yesterday, a promotional email landed the inbox of investors.

FindEx.com offers form-creation software, and to run its business, the company can rely on the following financial resources:

• $2,750 cash

• $462,362 current liabilities

• $17,518 total revenues

• $65,333 latest quarterly net loss

The pumpers, We Pick Penny Stocks, sent the emails for an unknown compensation, and so far relied on the past performance of the stock, which was able to double or triple its value in a single trading session, but also retract back by 50%. The last day came also with record buying volumes of nearly 21 million shares bought.

The company is capped at a relatively low $1 million, with over 77 million shares outstanding. But in an 8-K filing, FIND announced it would increase the number of shares authorized from the current 120 million to 800 million. FIND said its intention was to use new share issues to finance acquisitions, as well as issue convertible debt, which will cause stock dilution and put a large number of underpriced shares in the hands of insiders. The good news is that for now, the company’s board has decided to delay new issues.

The Stock Psycho also took up FIND, with the fair warning that past performance does not make a future promise. The buying spree is visible in the graph, marking February 11th, the day of the older promotion. It seems FIND remains an attractive short-term play for many pumpers, but also holds the danger of wiping out all its gains even a day later.

Other pumps by The Stock Psycho hold similar danger. One of the longer pumps with a budget for $400,000 caused a marked spike in the CoroWare, Inc. (OTC:COWI) stock, only to cause a hard landing back into the triple-zero zone. Before going for accessible penny stocks promising to increase their value several times, make a good estimate of your own ability to absorb losses and be prepared for the spectacular gains to turn sour at any moment.