Axiom Corp (OTCMKTS:AXMM) Bounces After Devastating Streak
Yesterday market a reversal session for Axiom Corp (OTCMKTS:AXMM). The company bounced off the fresh 52-week lows it carved and closed 197% up on an all-time volume record of 23 million shares traded. This sounds like an amazing feat, rendered far less impressive once you realize even after this amazing pop, the stock is still 85% below its closing price three weeks ago.
It seems whoever paid $200,000 to advertise AXMM stock through a dedicated landing page and a so-called stock report that comprises paid advertising, is determined to get their money’s worth. Even though AXMM was in an unchecked, disastrous fall for weeks on end, enough people decided it was a bargain at Thursday’s closing price and bought in.
The sad story of AXMM started a good while ago and is described in an amended S-1 filing, listing the issuance of 26 million common shares at $0.0015 per share against the rather modest sum of $39 thousand. This happened way back in 2012, when AXMM was not actively traded. As a matter of fact, AXMM started consistently trading in sizable volumes only this year. Sadly, the commencement of active trading was also accompanies by the first round of pumping, which we covered back in March.
Even back then, the disclaimer of pumper outfit Investor Edge was verbose enough to list that there were significant amounts of money set aside for future pumping to commence in June. This pump did take place, in the shape of the newly launched landing page, hosted at axmmstockreport dot com, with the disclaimer listing $200,000 paid by Oslo Holdings Ltd.
AXMM chimed in with an 8-K informing that the company finally became aware of the ongoing pump campaign and that it had nothing to do with it. Too little too late for people who bought near the June highs of $0.44 per share, only to have their investment obliterated almost completely in the following weeks.
When AXMM‘s first pump crashed, the stock dropped from $1.80 to below $0.50 within a week. The new pump took it from around $0.20 to $0.44. The second paid pump is still 85% down from its peak and from the moment the company admitted knowledge of it.