American Graphite Technologies Inc. (OTCBB:AGIN) Stabilizes After Failed Pump
It seems that the third pump for American Graphite Technologies Inc. (OTCBB:AGIN) might have come to its end. For a second day in a row we received no new alert emails despite the biggest newsletter involved in the promotion disclosing that it was hired for a week of promotional services.
Most likely all the pumpers abandoned the ticker when it failed to react positively and even dropped on the first day of touting. This is not surprising having in mind that this was the third attempt to promote the stock in just a couple of months. Even though the distributed sums weren’t as high as the previous round they were still quite significant. Too Nice Stocks bagged $85 000, OtcMagic – $30 000 and both Stock Hunter and Hero Stocks got $25 000.
Yesterday the stock managed to regain some of its lost value and closed at $0.55 just 3.7% above the previous close. Traded volume also subsided considerably falling to 600 thousand shares compared to the 1.7 million that got dumped on the market during the previous session.
AGIN is a mineral exploration company that has focused its activities on securing graphite mining opportunities and attempting to find commercial usage of graphene and more particularly hybrid bucky/graphene paper formulations. Apart from some testing being done they have been unable to move forward with their business plan which left them with rather discouraging financials for the period ending March 31:
- $131 thousand cash
- $230 thousand total and current assets
- $5129 total liabilities
- ZERO revenues since inception
- $193 thousand net loss
The pumpers may be gone for now but that doesn’t mean they won’t be coming back . As we warned you there are some people that might still look for ways to dump their shares.
Another stock that barely finished the day in the green was that of Xumanii, Inc. (OTCMKTS:XUII). They managed to gain a little more than 1% despite being heavily pumped. On the other hand the stock of Creative Edge Nutrition, Inc. (OTCMKTS:FITX) is among the heaviest losers from yesterday’s session when they dropped by more than 40%.
