Valmie Resources Inc (OTCBB:VMRI) With Another Predictable Crash
The pump for Valmie Resources Inc (OTCBB:VMRI) started more than a month ago and to say that it’s been a wild ride would be a gross understatement. The hype initially pushed the ticker to over $3 per share, but it quickly became apparent that these sort of levels can not be sustained for long. A few short weeks later, the stock found itself at just $1.06.
Then, it tried to fly again, but this attempt proved to be even shorter. After nearing the $1.60 mark last week, VMRI stalled yet again and it closed yesterday’s session at $1.06 per share. The performance is quite terrible, but is this really that much of a surprise?
If you have done your due diligence, you’re probably not that shocked. Take the press releases, for example. There’s been no shortage of them over the last month or so and they seem to be really well-timed with the promotional emails. Sadly, the announcements aren’t particularly convincing. A portion of the PR’s talk about recent legislation that, supposedly, will help VMRI get their drones off the ground. The rest talk about potential acquisitions and partnerships but give no details whatsoever on the proposed deals.
The only real thing that has happened to VMRI over the last few months is the acquisition of an enterprise called Vertitek Inc – a company that, if the press releases are to be believed, is a “frontrunner” in the unmanned aerial vehicle industry. As we mentioned more than a month ago, however, the “frontrunner” was established in February 2014 and up until November of last year, it was called Landstar Leasing Inc.
To top it all off, the 10-Q is absolutely atrocious. Here’s what VMRI had at the end of February:
- cash: $5 thousand
- total assets: $31 thousand
- total liabilities: $349 thousand
- NO revenue since inception
- quarterly net loss: $135 thousand
It’s pretty clear that there was nothing to support the ticker at the inflated levels from about a month ago. But, now that it has crashed, does it have the energy to bounce? Or will it continue shedding large portions of its market cap?
Well, the pumpers have not given up. Smaller outfits like Gryphon Digest are still sending out alerts as we speak which means that the number of emails we’ve received since the beginning of the pump now exceeds 120.
The hype might just give the ticker another push, but considering the vast quantities of hugely discounted stock floating around, VMRI could find itself struggling to stay afloat once again. As you might have guessed already, more details on the aforementioned cheap stock can be found in our previous articles.
About fifteen minutes after today’s opening bell, VMRI is sitting at $1.05 per share.
