Bourque Industries, Inc. (PINK:BORK) dropped two sessions in a row, and while this isn’t something really new, the volume from yesterday was significant. Some suspect short selling to be the reason.
BORK closed down 4.61% at $2.07 with 275 thousand shares changing hands.
The stock has had its ups and downs in the past months, and it seems the prevailing direction is down, despite the encouraging announcements by BORK.[BANNER]
On Nov. 2, the company announced that its Level III stand-alone Kryron Terminator Armor System performed exceptionally well in National Institute of Justice (NIJ) tests.
Some posts on the BORK’s iHub message board suggest that the drop in price was caused by short selling, however, according to FINRA’s files the short volume for yesterday and the day before was less than 20% of the daily volume.
The company is not filing electronically with the SEC and is using the alternative reporting standard, which is generally not a problem, but there is no report for the current financial situation at BORK.
The press release from Nov. 2 also stated that the tested system was at the time completing the standard inspection portion of the NIJ testing protocol, and after a standard review period the BORK expects the armor would be certified and available for purchase by law enforcement agencies.
If that really happens, BORK shareholders may find themselves in a very good position, but for now this is just a possibility. BORK stock may really be in the sight of shorters, or it could be taking some hits because of the unclear financial situation.
