TheDirectory.com, Inc. (OTCMKTS:SEEK) Drops the Ball

After slipping by a fifth on Wednesday, yesterday’s session drove TheDirectory.com, Inc. (OTCMKTS:SEEK) stock price deeper into the mud. The ticker opened with a double-digit gap down and, after wobbling along for the better part of trading hours, took an afternoon dip that sent it to a close of $0.0024, or 40% in the red.

Over the last two sessions SEEK had over 50% sliced off its share price. Last week the company stated that it will release two full years of audited filings. SEEK chimed in with a press release this Tuesday, informing it has become “OTC current”, as per the press release. We previously mentioned that SEEK was gearing up for “fully reporting” status as early as late 2012 but it’s still not there, obviously.

Traders seem to have expected to see audited SEC-compliant forms coming through, instead the company filed alternative standard forms, including its latest quarterly report for the period ending August 2013. The company currently shows up as “OTC Pink current information” on OTCMarkets.

Some traders are still denying the obvious reality of the situation – namely SEEK getting dangerously close to under $0.002. The mention of $250 thousand in sales over just the month of October may have dazzled some people, but it’s worth reminding those same people that SEEK generated 30% of that pre-announced sales figure over all of its third quarter.

The heavy volume and the 40% drop in a single day are not doing SEEK any favors either. Investing in sub-pennies is always a risky bet and investors are advised to double-check all their information and do their own research before putting money in any given stock.