As the company has not yet even commenced any kind of activities related to their intended biotechnology business, only the stock expanded yesterday its market share in the sub-penny stock market. SHMN share price surged 42.86%, closed at $0.06 and even reached the unseen lately value of $0.09 during the day. Over 10.57 million shares were traded, also an unseen over the past months volume.
The major contribution to the exploding share price and volume came from four different stock promoters. Two of them said they were working for free for SHMN better acceptance on the market. The other two received $45,000 for one week of their advertising services. A cash compensation is always a positive signal, maybe the promoters actually have no shares to dump.
SOHM have no SEC filings. According to their latest unaudited quarter report, they have a manufacturing facility in India and plan to develop and sell “generic drugs”. The reported revenues do not come from the sale of any medical products, as the company has not even yet decided what kind of products it exactly plans to develop or when. Cash is also not available to start research, development or commercial production.
Revenues come from accrual interests on owned tax lien certificates, and from the sale of certain properties that the company received through the settlement of unredeemed tax lien certificates. So far, the company has survived on raising funds, and it is not expected that the situation will change in the near future.
