HII Technologies Inc (OTCMKTS:HIIT) Stumbles At The Last Minute
Yesterday looked like it was going to be yet another uneventful day for HII Technologies Inc (OTCMKTS:HIIT), with a meager dollar volume throughout the day and the ticker steadily making its way down to the bottom of the charts, until a sudden burst of activity occurred at the very end of the session.
Looking at the charts reveals the fact that the two spikes in dollar volume, that occurred just minutes before the end of the session, did not do much to push the ticker in either direction. It stands to reason that this happened because the closing bell abruptly cut HIIT‘s descent before the ticker had enough time to crash even further than it had already fallen.
And although yesterday the ticker may have been “saved by the bell”, a sudden inexplicable burst of activity is a serious red flag, due to the company’s history of toxic funding.
To elaborate – HIIT‘s latest 10-Q, the one covering the period ended June 30, 2014 tells us that the company still owes about $1 million to promissory note owners, and that said debt can be turned into common stock at a fixed rate of $0.50 per share and dumped on the market at any given moment.
Needless to say, the threat of share dumping destroying investor value is not really all that appealing, which is why the HIIT is currently walking on thin ice.
