Yesterday, SFIO share price made a magnificent 126% jump up and closed at $0.0165. The trading volume was 29.79 million shares, but the price and volume spikes look like the natural consequences from SFIO activity from last week. Then, two simultaneous events made last Thursday a special day in SFIO trading history.
After the market closed on Wednesday, Smokerfree Innotec made their next in row press release, announcing the begin of their sales and distribution program for their non-nicotine product, targeting the multi-billion dollar US and Canadian market. Some previous PRs obviously did not have the needed effective reach within the traders’ community, so several hours later the next element in the stock advertising program was initiated.
A “super sub penny alert” on SFIO stock was sent out and must have reached millions of traders looking for fast gains. In the following trading session, SFIO stock saw its highest trading volume ever with over 30.5 million shares changing hands. The promoter received $5,000 from a third party for sending the newsletter. The heavy volume and the technically improved chart must have attracted more buyers, so that now the share price has no more resistances back to the beginning of May. Of course, shorting is also an issue. Since Thursday, almost all of the time half of the trading volume has been reported as short sales. More interestingly, the number of shorted shares reached 99% of the total volume last Tuesday.
Smokerfree Innotec’s publicly available financial information is extremely scarce. The only document filed with the SEC concerns an exempt offering of securities by the company, its last version being filed in May this year. According to the filing, the company has sold some equity securities for total proceeds of $150,000, and another $300,000 were supposed to be raised through that offering.
