Terra Tech Corp (OTCMKTS:TRTC) Sinks to a Dime Per Share
After a dull second half of June with Terra Tech Corp (OTCMKTS:TRTC) making more inconsequential announcements about new IVXX retail partners, in the last couple of sessions the stock lost nearly 20% and arrived at a dime per share. This is a new 52-week low for the ticker, which charted a surprising number of those in the last few months.
By the bell TRTC was sitting another 7% in the red, at $0.105 per share, after shifting its third largest volume for the past month. It’s not too clear why the stock dropped just now. The company secured $2 million in new financing in early June, this time selling shares at market prices, with a bunch of warrants exercisable at $0.20 attached to the deal.
The news of the financing deal managed to stop TRTC‘s march towards a dime but the reversal was very brief and after drifting sideways for a couple of weeks, the price resumed its descent.
On Tuesday TRTC announced its Edible Gardens subsidiary received a $300 thousand grant under a clean energy program. Even that did not manage to stop the share price from sliding. Previous press releases revolved around still more retail partnerships to sell IVXX products in new locations. Investors are obviously having a very hard time getting excited about IVXX even though right now this is the closest TRTC has ever got to being a proper pot stock.
The anticipated dates for TRTC-owned dispensaries opening their doors in Nevada have been pushed back from the “summer of 2015” to “early October”. Hopefully, it’s all smooth sailing until then because the ticker seems to be having enough of a hard time keeping level on the charts, even in the absence of any particularly unfavorable news.
