After being on the zero price change for a week, Cono Italiano Inc (OTC:CNOZ) started falling down. Yesterday, the stock lost 
the next 9% of its price, while its traded volume jumped over 4 million shares.
Meanwhile, the only news released by Cono over the past month was a letter to its shareholders sent yesterday. According to the letter, the company was to introduce a frozen food product later this year and purchase new manufacturing equipment, though there was something else that bothered shareholders. It was the statement that Cono was seeking additional capital and investors.
Apparently, traders got scared that if the company needs financing, it might not have enough funds to implement its projects, which could be risky for their investment. In any case, the letter to the shareholders failed to encourage them and CNOZ kept moving down.
Cono Italiano, Inc. owns the North American distribution and manufacturing rights for Pizza Cono. In end-May, the company was spreading out positive claims on its business, however, the news was not different than currently.[BANNER]
In fact, at that time the company once again reported that it was negotiating for additional financing for its operations. Obviously, Cono still needs it, considering its financial results.
According to the company’s latest 10-Q, CNOZ has over $1 million in liabilities against $175k in total assets. While at the same time the sales total $nil and the net loss is $130k.
Based on these results, it tuns out that Cono is not able to cover the losses and the company keeps looking for additional capital to continue operations.
