In the last trading session for 2011 Atrinsic, Inc. (PINK:ATRN), which had been free falling for about two months, slipped in the sub-penny zone.
ATRN closed down 20% at $0.0088 per share. The volume reached 38.3 million shares following the 58 million from the previous session. After hours trading pushed ATRN further down to $0.0085.
There is hardly any reason the expect a better performance in the first sessions for 2012, as ATRN’s situation is pretty dire.
In an 8-K filed on Dec. 29 the company announced an asset purchase agreement with Mkono Media Corp., getting rid of more assets for $615 thousand. The form also showed the termination of the agreements with Brilliant Digital Entertainment, Inc.
A statement at the end of the document added further negativity. ATRN anticipates it will have to issue all the remaining authorized shares up to 100 million to partially pay down the notes to the buyers from previous financing.
Even without the current troubles associated with the notes, ATRN’s business is losing money. There is no telling where the fall of ATRN will stop, or when.
