Yesterday, BMB MUNAI INC (PINK:BMBM) rose up 8.59% to $0.177 on a volume 3 times higher than the daily average. The exact number of REEI shares which changed hands on the last session is 2,243,271.
According to FINRA, 251 thousand of these shares were exchanged in short transactions. Compared with the total volume generated for the day, the short volume represents 11% of the whole transactions.
Three weeks ago, BMBM published its last 10-Q report pertaining to the period ending September 30, 2011. However, the financial data presented by the company was unaudited.
Although BMBM reports $88 million in total assets, the total accumulated deficit of the company amounts to $84 million.
The going concern clause of the financial report also states that “with the sale of Emir Oil, BMBM has no continuing operations that result in positive cash flow, which raises substantial doubt about its ability to continues as a going concern.”
When the financial report was issued, REEI went through two sessions with heavy volume in which the stock went up from $0.123 to $1.45. Since then, REEI has been climbing up by tiny steps and has achieved a price of $1.18 per share.
