NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Crashes Once More
Yesterday the stock of NanoTech Entertainment, Inc. (OTCMKTS:NTEK) saw its biggest traded volume in nearly a year. At the start of the session investors began rapidly buying the stock and as a result NTEK climbed above 10 cents per share in a matter of hours. Unfortunately the buying pressure proved to be too much for the stock to handle and for the rest of the trading day it went straight for the bottom closing 15% in the red at $0.063.
Although it certainly wasn’t the only reason for the increased attention towards the stock the tweet made by David Foley, co-founder of NTEK, in which he talked about Google’s IO conference played its role. Many investors claim that this tweet was misleading and that it generated false hype around the stock. We don’t know if this was truly the case but as we said in our previous article Mr. Foley’s past is far from clean. Just two years ago he pleaded guilty to mail and wire fraud as well as bank fraud. He is also in possession of millions of NTEK‘s shares that are coming out of their restriction this year.
Investors are also getting more and more disheartened by the company’s inability to launch their 4K UltraHD streaming media player. The product was supposed to be available during the first quarter of the year but that turned out to be wishful thinking. In the latest PR issued last Friday NTEK said that the devices will begin shipping by the end of the month. They still have 4 more days to keep their word or come up with yet another excuse.
In an attempt to boost the confidence in their stock the management of the company even decided to issue a quarterly dividend of $0.00024 per share. Although the sum is not that big NTEK‘s financials were rather strained even without this burden.
In early trading today NTEK is once again climbing up the chart in an attempt to recover yesterday’s losses. The increased volatility of the stock demands the use of caution. Plan your investment accordingly and keep in mind the various risks around the company.
Today the stock of Novagant Corp. (OTCMKTS:NVGT) resumed its course towards the bottom of the chart despite the ongoing promotion. At the moment it is trading 12% in the red at 30 cents per share. At the same time the hard mailer pump for Windstream Technolog (OTCBB:WSTI) keeps pushing them higher than ever as the stock broke through the $2 mark and is currently sitting at $2.07.
