Red Slaughter Continues for Axiom Corp (OTCMKTS:AXMM) Shareholders
When it’s raining, it’s pouring, or so it must seem to Axiom Corp (OTCMKTS:AXMM) shareholders. The continuing downward spiral the company is riding does not seem like it’s coming to an end just yet. In the last trading session ahead of the long weekend, AXMM slid freely once again, closing another 20% down. By the bell, AXMM was sitting at $0.020 per share.
The stock’s unchecked descent has cost investors a lot. Since the company announced it “became aware” of a $200,000 stock pump targeting it, AXMM has been on a non-stop downhill race. Within three weeks, long shareholders got a chance to watch their investment shrink around 95%.
AXMM has been oversold for a few days now but this never really counted for much when the stock in question has been pumped, and big money was involved in the pump. We have been following AXMM for a while and warning about the worst case scenario, which is currently in full swing. It should be noted that last time AXMM crashed, it was also because of a pump, which we also covered.
Anyone who took care to read the Investor Edge disclaimer back then would have noticed that there was more money set aside for pumping AXMM full of hot air. The June pump was conducted primarily through a landing page at axmmstockreport dot com, padded out with the $200,000 paid by a certain OSLO Holdings Ltd.
It’s unfortunate that AXMM allowed its share price to go up over 100% before “becoming aware” of the pump but maybe next time investors who got burned on this one will take more time and do more research, maybe even read the pumper disclaimers before buying into their hype.
For anyone who might still be interested in the balance sheet AXMM last put up, here is the brief number summary:
- $137 thousand in cash a/o March 2015
- $480 thousand in current liabilities
- $11 thousand in quarterly revenues
- $384 thousand in quarterly net loss
The combination of those figures with the recent chart performance of the company and the fact that it’s crashing after an expensive pump should be enough of a red light for just about anyone.
