Sollensys Corp (OTC:SOLS) Stock Crashes After Pump
With smart phones, tablets and other devices using touch screens, investing in the sector is a hot topic now. And that is why Sollensys Corp (OTC:SOLS) have set their gaze in that direction.
A pump on Mar. 26 sent the price as high as $0.60 during the session and generated a volume high for SOLS, but the following drop was much more significant. The traders who had done their due diligence could have seen that coming, especially considering who touted SOLS.
We are speaking of Darth Trader and The Stock Psycho whose last pumps went as badly as this one. For some people at least. The people that were in on the scheme probably got a nice profit, but many investors lost money as the stock prices went down 25% yesterday.
There are a few examples of past pumps from these promoters that went the exact same way and haven’t yet recovered. The first one is Enova Systems, Inc. (PINK:ENVS) who got their pump on February 28 and right in the next session plummeted downwards as you can see in the chart to the right.
The second example is of Titan Energy Worldwide, Inc. (PINK:TEWI) who have yet to recover from the rapid decline that their stock experienced after the 1 day high of the pump.
Taken in consideration, the history of other companies that had their stock promoted this way, does not paint a bright future for the company. Another disturbing thing is SOLS‘s last quarterly statement for which the figures of main interest you may see below.
- cash: $460
- revenue: $0
- net loss: $62,288
- current liabilities: $149,744
These numbers are a big strike for SOLS as they announced that they are going to adopt the recently acquired Korean company’s business, which is touch screen manufacturing. In press releases from the last few days SOLS also mentioned about their idea for building a touch screen manufacturing facility in Guatemala.
The Korean company that was acquired bears the same name, however, we are yet to see if they are in the same financial state as their namesake, as there is still no filing to provide that information. Until this is done, SOLS doesn’t really look like a safe haven for investors.
