With more than a month delay and on no further news from the company, BSM Technologies Inc. (CVE:GPS), (PINK:BSMZF) stock was maybe refilled by the management discussion refiling or… by the shorting interest.
Yesterday, on the TSX Venture Exchange the shares of BSM Technologies Inc. inspired a real furor, being in the group of the most actively traded securities.
GPS stock closed at $0.045 per share, hitting a new 52-week high. Surpassing the modest average share turnover of less than a million shares, GPS soared 28.57% on the unprecedented volume of 6.8 million shares traded.
As opposed to the volume and the frequency of the bids made yesterday, the last official company’s updates date back to the beginning of September.
Then, the company refiled with SEDAR its Management Discussion and Analysis for the Quarter ended June 30, 2010. The reason to do this was prosaic. The refiling was necessary due to incorrect formatting of the originally filed document from the end of August.
It is good that the management mentioned that there has been no change to the content, since the latest financials of the company reported positive results and good perspectives for the company and since the Telematics market in general deserves investor attention.[BANNER]
But what rushed GPS stock yesterday? Due to the lack of official information from the company, only the shorting volume remains as a possible answer.
BSM Technologies, through its subsidiary BSM Wireless Inc., is offering fleet tracking, fleet maintenance and automated vehicle security systems. The company offers real time, web-based tracking of fleet assets.
In its last financial report, BSM Technologies Inc. reported to have completed successfully two acquisitions, which will ensure the increase of the company’s customer base, revenues and technology portfolio.
