Supernova Energy Inc (OTCMKTS:SPRN) Surges On Pump
tags: SPRN
Supernova Energy Inc (OTMKTS:SPRN) has been trading into obscurity for quite some time. The company stock rarely records any traded shares, whatsoever, and the daily percentile movements are almost non-existent.
Meanwhile, the company bares the OTC Pink Limited Information sign in the OTC marketplace website, and for good reason. The latest financial report that SPRN has filed covers the quarterly period ended September 30, 2015 and contains the following numbers of prime interest.
- cash: $1,734
- current assets: $3,742
- current liabilities: $727,795
- revenues: $1,209
- net loss: $429,160
These numbers are pretty terrible and leave no questions about the bad performance of SPRN. Someone, however, decided to intervene. The method was to pay pumpers to promote the stock. A series of newsletters received $25 thousand in order to promote the stock and it had an effect.
The pump emails came in Tuesday and managed to push SPRN 27.30% up the charts, to a close at $0.47. A total of 954 thousand traded shares generated $428 thousand in daily dollar volume. The ticker is heavily traded in today’s session as well, which leaves a lot of room for profit for the people who decided to pay $25 thousand to pump the company stock.
This, combined with the horrible financial state of the company should be warning enough for people to do their due diligence and weigh out the risks before putting any money on the line.
