Sanomedics Intl Hldg (OTCMKTS:SIMH) Flattened to Pre-Ebola-Craze Levels

As the wave of ebola anxiety that had gripped the U.S. slowly subsided, so did the share price of Sanomedics International Holdings, Inc. (OTCMKTS:SIMH). The quarterly report that the company published last week did nothing to remedy SIMH‘s chart movement.

Yesterday SIMH slid another 15% down, stopping at $0.016 per share. The company’s share price has dropped 95% from the hype-induced two-day spike SIMH logged in mid-October. A combination of nation-wide worry over ebola cases on U.S. soil, a well-timed press release and the Center for Disease Control ordering 80 of the company’s non-contact thermometers sent SIMH through the roof. The way SIMH spiked, then sunk on the charts mimics the way stock pumps move with disturbing accuracy, even though there was no pumping involved in this case.

The company is still trying to keep investors excited even though it crashed horribly after two monster sessions and has been slipping ever since. SIMH‘s Twitter account keeps dropping ebola-related hashtags but those cannot really do much for the share price.

SIMH‘s latest quarterly gave a precise number for the company’s outstanding share number as well. As of Nov 11 the company had 113 million common shares issued and outstanding. This is a rather shocking increase from the 18 million the company last reported at the time when the price spike took place. The latest 10-Q’s ‘subsequent events’ section explains that as early as October 1 SIMH started issuing boatloads of new shares at about $0.01 per share.

Between October 1 and November 10 the company issued a total of 87 million new shares for the conversion of debt and unpaid salaries. Only 3.6 million of those shares are listed as restricted in the filing. With this in mind, hopeful investors can probably get a fairly accurate idea who sold them the tens of millions of shares priced between $0.60 and $0.10 before the stock took a nose dive.