Sollensys Corp. (OTCMKTS:SOLS) Drops the Ball
Yesterday Sollensys Corp. (OTCMKTS:SOLS) had its second-greatest volume day over the last 52-weeks. The ticker that had started slipping last Wednesday dropped a whopping 32% on Monday on 1.8 million shares traded.
The first volume spike for SOLS took place in late March, when the company was being targeted by a rather expensive $300 thousand Stock Psycho / Darth Trader email pump as well as a landing page, to go along with SOLS‘s acquisition of a Korean touchscreen maker. We covered the company back then as well. The last pumps for the ticker were a few cheaper touts following the Stock Psycho pump in early April. Left with no promoter support, the price gradually lost 80% over the next three months.
SOLS started another rather mysterious run up this autumn, which we also covered. With no detectable catalysts, the price movement seemed very strange. The company’s latest press release dated back to late April. Their latest financial report is a 10-Q for the quarter ended December 2012. The company’s annual report for the year ended March 2013 and the subsequent quarterlies are nowhere to be found, hence the ‘Pink Limited Information’ status that the ticker holds on OTCMarkets.
The numbers contained in the dated quarterly were abysmal and there’s no real sign of improvement as the company has kept investors in the dark about its financial situation for nearly a year now. SOLS graced investors with a financial update on its acquisition target – the Korean touchscreen manufacturer, in late April, but those numbers were equally depressing – $70 thousand in revenues for 2011, against an annual net loss of $4.2 million.
The mystifying climb of SOLS over the past three months has now come to an abrupt and more or less logical conclusion. The ticker has been trampled 55% over the span of a week, once again nearing the $0.10 mark of mid-summer. The current price puts the valuation of the company at $82 million – a level which may still be considered hugely unrealistic considering the lack of financial information for the company’s operations for almost 12 full months now.
Other big movers in Monday’s session include Makism 3D Corp. (OTCBB:MDDD) who generated huge share volume, propped by an expensive pump, but still closed shy of 3% up, after a significant dip in the early session. Sigma Labs, Inc. (OTCMKTS:SGLB), another 3D printing stock but with no pumps targeting it, ended its latest hot streak and closed 8% down.
