NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Dumped into Sub-Penny Land
The last year has been anything but uneventful for NanoTech Entertainment, Inc. (OTCMKTS:NTEK) shareholders. After cheering at 52-week highs of nearly $0.10 in September, today they are faced with a very different reality. After NTEK shifted its most shares for the past two years, the stock dropped nearly 24% and stopped in double-zero land, at a new 52-week low of $0.0079 per share.
NTEK was in the middle of a careful balancing act, with its previous close just a breath over a penny per share. It seems someone decided to prod it along and speed its descent to double zeroes in a single day, as volume yesterday was significantly heavier than previous sessions for a full year back.
There have been no new filings since NTEK‘s quarterly made public on May 16. The company’s latest PR was the June 12 announcement that the Ultraflix lineup of movie offerings was expanded with a hundred titles coming from Alchemy, an “independent distributor”.
Perhaps Ultraflix has just about enough independent content in its catalog and could actually do with a few more movies like Interstellar – the smash hit that did nothing for the company’s stock price after it was added to Ultraflix.
With no negative news, no new filings containing adverse information or figures, it just looks as though people are getting tired of playing the waiting game and watching the stock trickle ever lower on the charts. Now that NTEK has slipped into sub-penny ranges, pretty much anything is on the cards.