Nutranomics, Inc. f/k/a Buka Ventures Inc (OTCBB:NNRX) Wipes Out Investor Money
Yesterday Nutranomics, Inc. f/k/a Buka Ventures Inc (OTCBB:NNRX) delivered a devastating blow shareholders as the price was slashed in two in about 20 minutes.
In the first 10 minutes of trading the price started climbing and reached a high of $1.28. After that came the horrendous crash. Ultimately NNRX closed down 54.47% at just $0.56 per share. The volume reached 13.7 million shares, just shy of the previous high of 13.9.
We hope our readers didn’t get caught up in this disaster. In my previous article from Dec. 6 I tried to warn traders and potential investors of the increasing risk. NNRX had been running on nothing but hype for a while, and a correction was all but inevitable.
As usual, before the open NNRX issued an optimistic press release about how the company plans to open a new office in Tokyo as a part of the company’s expansion strategy. In many of my previous articles on NNRX, I had stated that at some point fluff press releases stop working.
NNRX will need to deliver a solid business performance on the business side, if it is to recover and sustain a higher price. The fact that there was a pump job on NNRX by the ECA Group only makes things worse.
At the time of this writing, NNRX is up about 2% in early trading. It will be interesting to see whether the management will consider the 54.47% drop worthy of a press release.