On Friday, Abtech Holdings, Inc.(NDA) (OTC:ABHD) stock plunged down the next 5%. This time, the shares’ turn back was confirmed by an almost four times the average trading volume.
Some shorting and some delayed investor reactions to the company’s amendment to the agreement and the plan of merger with its wholly-owned subsidiary resulted in the next in row ABHD deep down move.
ABHD is listed on the OTCBB since this June. Prior to that time, there was no public market for the company’s common stock.
Looks like the change of the company’s main business from the so actual these days development of mineral properties to the also actual, but not so popular water clean-up sector was not well appreciated by investors.
Since it commenced trading, ABHD stock is in almost constant decline. Seems that after considering a new business, the company decided that the share price will rise like it did during the initial placement. Unfortunately, on no developments, there is no chance for any stock to soar.[BANNER]
Further more, after the widely disseminated information about the company’s merger agreement, each following amendment to that agreement definitely resulted in negative investor reactions and in higher uncertainty towards the company’s stock.
Only shorters following the technical indicators and being not so interested in the fundamentals have been maintaining the interest towards ABHD stock. This was also the case at the end of last week, when ABHD closed at $0.95 per share on a heavy volume.
