iMing Corp. (PINK:IMNG) Pump Crashes Hard
In yesterday’s session iMing Corp. (PINK:IMNG) tripped and fell 31% down to a close of $0.75. The increase of about 30 cents that happened over this week thanks to the non-stop hammering of paid pumps targeting the stock is now completely erased and the stock is now below pre-pump levels.
Pumpers had a field day with IMNG, with a budget worth hundreds of thousand spent to promote the stock in February alone, with many pumpers onboard, including Penny Stocks VIP, Stock Publisher and Surfs Up Stocks. More than 70 pump emails from various promoters were dished out touting the stock, with compensations varying from $290 thousand to a modest $2 thousand. The pumps coincided with an instant-hype announcement from the company. IMNG issued a press release stating their intentions to release a remote control device for Apple’s iPhone, sometime during Q2 of this year.
Yesterday’s drop may come as no surprise for people who have been following IMNG for some time and have seen how the company performed after the previous huge round of expensive promotions in December, when once again hundreds of thousands of dollars were tossed about in an effort to induce hype around the stock. Following the $1.12 peak of the December pump wave, IMNG went to crash spectacularly over several sessions, dropping nearly 50% by Christmas Eve without the support and hype of pumps. Once again, the December round of promotions was backed up by a well-timed press release by the company.
Pretty much the same scenario repeated this month with promoters inflating IMNG to over $1, the hot action followed by a cold-turkey drop, slicing almost a third of the price in a single session on huge volume selling.
IMNG is a company sitting on the following financials as per its most recent publicly available financial report dates September 2012:
- $101 thousand in cash
- $430 thousand of accumulated deficit
- $73 thousand net loss for the first 9 months of 2012
The company previously existed under the name China Career Builder Corp. and reorganized as iMing Corp. in mid-2012, so investors have very little hard information about the performance of the new entity.
Considering the dreary promotional history of IMNG and the crash that followed the most recent pumps, traders are advised to watch out for any lingering promoters who switch their touts of greatness with “buy the dip” cheers. Do your own due diligence and be extra careful when dealing with stocks targeted by paid pumps.
