CLX Medical, Inc. (PINK:CLXM) has stepped into the promotional spotlight again. Interested traders have already pooled $40 thousand for the advertising campaign. So, are they really in for a giant leap in the upcoming session? Probably yes, as long as they turn a blind eye to what happened with CLXM stock the last time it was promoted.
The scheme mentioned above was put into practice in late-March. Back then, at least $65 thousand vanished into thin air. Instead of giving CLXM stock a heavy boost, the latter plunged sharply, losing more than 53% in value. This free-fall, however, would not have happened had it not been for the gigantic volume of 56+ million that caused it.
The current investor awareness program was preceded by fairly stable trading week. Last Friday, CLXM closed the session at $0.0012, 7.7% down from Thursday, on a volume of 342 thousand. Earlier today, CLXM issued a press release about the appointment of a new BoD member, which is expected to act as a catalyst for its stock in the afternoon.
Unlike many pink sheets that occupy the premier tiers of the OTC marketplace, CLXM has not been so diligent in keeping its financials as transparent as possible. For the last couple of years, its communication with the SEC has been boiled down to sporadic 8-K forms. Therefore, the current financial picture behind CLXM is shrouded in mystery.
CLX Medical, Inc. pretends to specialize in developing novel medical diagnosing products both domestically and abroad. To date, none of its product candidates has received official approval by the FDA. Obviously, the company needs to raise additional capital to continue its operations. Yet, unless it goes transparent, the inflow of investors’ money will probably get smaller and smaller.
