MediSwipe, Inc. (OTCMKTS:MWIP) Flattened to $0.01

Wednesday brought no relief to MediSwipe, Inc. (OTCMKTS:MWIP) long supporters. The ticker lost another 20% in yesterday’s session on share volume that keeps swelling and clocked at 13.8 million. The ticker has lost 50% over three trading sessions.

The new red streak comes in the wake of another, steadier drop that saw MWIP stock slip 50% from an early September high of $0.06 per share. It would appear that the repercussions of the reverse stock split MWIP announced a few days ago through a filing run deeper than was immediately visible.

The company announced its plans for a 1-for-10 reverse split immediately before the first major drop three days ago. The stock seemed to solidify its movement and slowly pick up from the $0.03 line before the filing for the split.

The company published an updated Schedule 14C on the day following the original filing, which we examined in a previous article, and corrected its post-split authorized share figure. The original filing stated that post-split the authorized share number would remain unchanged but the new one lists authorized shares cut in half post-split, from 500 million down to 250 million.

While this is some consolation, it still leaves plenty of space for potential future dilution from the 44.8 million outstanding shares that would remain post-split if all goes according to plan. Investors seem to have been sufficiently scared to scuttle out of their positions and MWIP traded almost 40 million shares on its way down over the last three days. Whether the selling spree is over remains to be seen.

Other stocks that shifted significant dollar volume on Wednesday include Globalstar, Inc. (OTCMKTS:GSAT) who closed nearly 4% down, marking a second red session in a row. TheDirectory.com, Inc. (OTCMKTS:SEEK) are turning out to be quite the runner, with the price more than doubling over the last three sessions.