Integrated Cannabis (OTCMKTS:IGPK) Slips Some More
Integrated Cannabis (OTCMKTS:IGPK) announced their new business plan about an hour after April 28’s opening bell. Normally, this would have caused a lot of stir on the market but in the case of IGPK, it didn’t. There were some ups and downs, but the tiny volumes suggest that no one was paying attention. Then, on May 3, Stock Castle started their $800 thousand pump campaign which changed the whole picture.
Two sessions of heavy buying resulted in a surge from just $0.20 all the way to $0.74. Stock Castle seemed pretty content with the performance and a few hours after May 6’s closing bell, they sent us an email suggesting that IGPK could burst through the $1 per share mark in the blink of an eye.
So far, this hasn’t happened. In fact, Wednesday’s session was pretty disappointing for anyone who truly believes that IGPK really is onto something. Around $2.4 million worth of shares changed hands and a third of the market cap was obliterated in just six and a half hours. At the end of the day, the price stood at $0.495 per share.
Of course, the drop did not just happen out of thin air. The reason for all the selling was most likely a Seeking Alpha article written by a person known as Penny Stock Realist who thinks that the company has been set up with the sole purpose of being promoted. He also said that the stock will drop and drop it did.
You can have a good look through the article and decide for yourself whether there’s any merit to it, but the fact remains that after the initial surge, IGPK‘s market cap was standing at around $455 million and that simply is too much for a company that has:
- NO assets
- $34 thousand in liabilities
- NO revenue
- $300 in quarterly expenses
Despite the heavy drop, Stock Castle were not done pumping. They sent out another alert saying that the plummet has been the result of “suspicious trading activity“. To make their email a little bit more interesting, they told their subscribers that “investors who act now stand to make a fortune if IGPK goes over $10” and assured them that a short squeeze is coming.
The short squeeze never came. IGPK shifted nearly 3 million shares and lost another 4% of its value yesterday.
If IGPK does indeed reach $10 per share, investors can make a lot of money. But is the stock capable of doing it? Let’s take a look at Stock Castle’s track record and see what their previous predictions resulted in.
On February 18, they said that at $0.65, Imogo Mobile Technologies Corp (OTCMKTS:IMTC) is a bargain. They also suggested that the ticker could see $1 really soon. A day later, the SEC suspended IMTC.
On November 25, 2013, they were trying to convince investors that Nevada Gold Corp (OTCMKTS:NVGC) is “heading towards new highs“. They said that they expect to see the ticker at $2 per share soon. Two day’s later, the SEC suspended NVGC.
The charts on the right are pretty indicative of what happened to IMTC and NVGC after the suspensions and the big question on everyone’s mind is: “Will IGPK follow in their footsteps?“. We’ll leave it up to you to weigh the odds.
