On March 14 Broadcast International, Inc. (OTC:BCST) announced agreements for $6.95 million financing. This led to a serious price drop, and it seems the market is still under that influence.
Yesterday BCST closed flat at $0.38 on 45.5 thousand shares and so far today it’s down 7.89% at $0.35. Before the financing details were announced BCST traded significantly higher.[BANNER]
Yesterday the completion of the financing was announced and today BCST issued yet another press release. The latest one is about TeleCable launching Over-The-Top services built on CodecSys, but without any details about the terms.
The financing wasn’t the only announcement on March 14. BCST issued another press release saying it would stream the annual and fourth quarter results on April 2.
While the financing may help BCST strengthen its balance sheet and finance its continuing operations, traders and investors don’t seem happy with the situation. Until April 2, BCST stock may have a tough time on the market. What will happen after that depends mainly on the results.
