Imogo Mobile Technologies Corp (OTCMKTS:IMTC) Drops, Stock Castle Comes to the Rescue
The $3 million pump campaign for Imogo Mobile Technologies Corp (OTCMKTS:IMTC) began about a week ago and, looking at the historical performance of the stock, we can safely say that it was off to a flying start.
IMTC has never really been investors’ favorite ticker and for months on end, it was struggling to register dollar volumes above the $10 thousand mark. On January 28, Wall Street Revelator started sending their hard mailer brochures and investors’ attitude towards the ticker changed overnight. The cumulative trade value from the following four sessions amounts to a mind bending $10 million.
The volume was impressive, but the chart movement wasn’t too bad either. IMTC opened January 27’s session at $0.15 and a week later, it was already standing at $0.77 – 417% in gains after just five days of trading.
We tried to warn, however, that the ticker was flying too high for its own good. Sure enough, it caved in under the pressure yesterday. The price dropped by as much as 38% while racking up a dollar volume of more than $4 million.
IMTC closed the day at a little over $0.47 per share which means that the market cap stands at around $34.6 million. Not as much as the one registered during the previous days, but still a lot for an enterprise that has no assets whatsoever.
IMTC‘s terrible financial situation, it seems, isn’t enough to stop Stock Castle (SC) from joining the pumping party. Apparently, the people who stand behind the whole campaign saw yesterday’s plummet and decided that something needs to be done. They paid the infamous promotional outfit $800 thousand and, in exchange, the email alerts started pouring down.
SC’s affiliated newsletter, Ultra Stocks, is also taking part which means that the word is properly spread around. And, at the moment at least, the renewed efforts seem to be working.
A little more than an hour after today’s opening bell, IMTC is standing at $0.52 per share which presents gains of around 10% compared to yesterday’s value.
We’ve seen our fair share of Stock Castle promotions and, having in mind the track record and the compensation, we expect to see a few more days of touting. We might even witness some more positive sessions from the ticker.
Sooner or later, however, the pumpers will move on to the next penny stock and once they do, IMTC will need to support itself. Will it be able to do it? It seems highly unlikely.
There is, of course, another scenario. We saw it happen to Stock Castle’s previous pick – Nevada Gold Corp (OTCMKTS:NVGC). As you can see from our database, SC were really trying hard with NVGC and, to some extent, they did manage to give the price a push. Then, however, the SEC decided to step in an put an abrupt end to the whole show. A lot of money was lost and a lot of tears were shed. Currently, NVGC is traded on the Grey Markets and is hovering around 80% below the pumped-induced heights.
Is the same thing about to happen to IMTC? We’ll leave it up to you to decide.
