Wialan Technologies (OTCMKTS:ACYD) Got Too Heavy

Over the past couple of months Wialan Technologies (OTCMKTS:ACYD) has made an amazing journey from sub-penny land to more than $0.07 per share. Yesterday it opened above $0.08, but that proved to be too high a price.

In the end ACYD closed down 6.46% at $0.739, and in early trading today the price fell further to a low of $0.56 per share.

This reversal isn’t nearly as surprising as the fact that Wialan managed to get so high, despite the lack of information. In the end of August the company, at the time called American Community Development Group, Inc., acquired Wialan Technologies, a company focused on wireless technology.

The symbol is still ACYD, but the company has stated numerous times that it intends to change it to better suit the Wialan Technologies name. The management has also stated that it intends to become a reporting OTCQB company, however, that’s likely to take some time, as there is virtually no information about the financial history or current financial situation at Wialan. At this point it’s still designated as an OTC Pink No Information enterprise.

What seems to be clear is that the number of outstanding shares is about 2.5 billion. At 7 cents per share, the market cap of ACYD would be more than $180 million. Supporting such a valuation without current financial information is unlikely. Not to mention that in a conference call on Sept. 12, CEO, Timothy Peabody said it was the company’s aim to get the price around a penny per share by the end of the year.

Until the company discloses its financial data, any attempt at a valuation would be pure speculation. At the time of this writing ACYD is trading around $0.65 per share.