Rising India, Inc. (OTCMKTS:RSII) Pump Failing
Last Thursday a number of pumper newsletters started touting Rising India, Inc. (OTCMKTS:RSII). So far the pump has failed to do anything significant, and there are plenty of reasons for that.
Prior to the pump, RSII had seen limited trading. A couple of days before Jul. 18 there was some trading activity which seems strange since the stock was all but dead before that.
On the day of the pump volume never seen before started piling up and most of the 3.8 million shares traded in the session, changed hands in the first 15 minutes of trading. At the end RSII closed up 57.67% at $0.0473. On Friday it closed up another 5.29% at $0.0498.
As mentioned, there are a number of suspicious details around RSII. One of them is that the pumps came in before an actual press release was issued. Stock Mister, StockRockandRoll.com, and Damn Good Penny Picks are some of the newsletters paid to tout RSII.
Most of those newsletters have been used in other pumps and they even overlap on some like Eco-Tek Group Inc (OTCMKTS:ETEK). As you can see on the chart that didn’t work out particularly well.
Additionally, the information available on RSII isn’t much. The company is currently on the OTC Pink tier, and it doesn’t need to file reports with the SEC. The acquisition of Meyer Luce Investments, Inc. has been mentioned in the latest financial report but there are very few details on the deal itself and even fewer on what RSII has now.
The report reveals that the acquisition was paid with 350 million shares of common stock, and it claims “Mayer Luce Corp.” were the owners of a proposed entitlement project. We can’t explain the difference in the name of the supposedly acquired entity (Mayer Luce Investments, Inc. in the press release by RSII).
With so little solid information, it’s no wonder the pump has failed to attract enough attention to get RSII near the top of the most active OTC stocks list.