Yappn Corp. (OTCBB:YPPN) Falls Down On Massive Sales Of Stock
In a not so surprising turn of events Yappn Corp. (OTCBB:YPPN) closed in the red for the third consecutive time. Despite opening higher than Friday’s close the stock began dropping down almost immediately and at closing time it had fallen as low as $0.28. In less than two weeks they have lost more than 70% of their value. What came as a surprise though were the 5 million shares dumped on the market when during the previous session traded shares barely reached 147 thousand.
As we previously informed you there was a nearly fake pump campaign for YPPN initiated by Catalina Advertising Corporation. We say that it was nearly fake because the landing page that was created showed no effort whatsoever and the distributed hard mailer consisted of one folded sheet of paper. For these services CAC were planning to pay $2.1 million dollars. The reason they even bothered were the 6 million YPPN shares they owned.
The company changed their name to Yappn and decided to venture into the social media industry just 3 months ago. Before that they were known as Plesk Corp. and were trying to import consumer electronics, home appliances and plastic house wares and according to their latest finacial report for the period ending February 28 they had :
- zero assets
- zero revenues for the last two years
- $10 000 net loss
Not to mention the 7.5 million common shares sold to its seed shareholders for just $750 back in 2010. As is the case with pump schemes just before the name change and the promotion these shares became 112 million due to the 15-for-1 forward stock split.
YPPN‘s multy-lingual social platform is stated to fully launch this summer and tomorrow they will make their industry presentation publicly available so some interest towards the stock should be generated. But for now it is best to just skip the stock entirely.