Solanbridge Group, Inc. (OTCMKTS:SLNX) Continues To Grow
The stock of Solanbridge Group, Inc. (OTCMKTS:SLNX) was moving through triple-zero land for quite some time, unable to attract investor attention. Recent news, however, sent the ticker on an upward course and it is reaching new heights, while trader interest has increased.
After a few bursts and drawbacks in April, the company stock has set a more firm course with the first sessions of this month, as it passed the 1 cent per share mark on Monday. The volumes have also increased greatly, as optimistic press releases have started coming more regularly.
The latest news from the company inform us that SLNX has entered into final negotiations for the acquisition of an unnamed producer of health products from Colorado and the plans on obtaining a commercial marijuana grower license in Nova Scotia.
The press release was made in the early morning of Monday, several hours before the market open and secured a good 41% gain for SLNX on a decent volume that generated almost $1 million in trade value.
With no further news, the ticker continued on the same course yesterday, as it added another 50% to its value, closing at $0.018. The volume was well above that of Monday’s session and the 123.4 million shares that changed their owners generated $2 million in daily trade value.
Still, considering the current market cap of $44 million SLNX and the discouraging numbers in the company’s financial report for the yearly period ended December 31, 2013, the ticker seems quite overpriced.
- cash: -$500
- current assets: -$17 thousand
- total assets: $73 thousand
- current liabilities: $585 thousand
- revenues: $165 thousand
- net loss: $2,307
Also, as we wrote in our previous article, most of SLNX‘s acquisitions don’t come to a conclusion and in that spirit the phrase “final negotiations” from their latest press release doesn’t sound very comforting.
Still, only time will show the outcome of SLNX‘s venture in the medical cannabis industry. In any case, be sure to do your due diligence and weigh out the risks before making an investment decision.
Other companies in the marijuana sector aren’t doing so good in the charts and we see Hemp, Inc. (OTCMKTS:HEMP) and Terra Tech Corp. (OTCMKTS:TRTC) slide with 7.89% and 8.56% respectively in yesterday’s session.
