Converted Organics Inc. (OTC:COIN) used to be traded on the NASDAQ up until July. On entering the OTC, COIN had a fantastic session which may have given shareholders some hope, but that didn’t last long.
Yesterday, COIN hit a new low. It closed down 36.96% at $0.029 on a volume of approximately 14.8 million shares.
The drop followed two 8-K forms filed by COIN. One filed on Oct. 19 revealed the financial reports of the company will be restated, and the one from yesterday said the conversion price of a convertible note has been amended.[BANNER]
Sometimes a company gets delisted from the NASDAQ only to return after a while, but this doesn’t seem to be the case with COIN. Message boards are full of posts from disgruntled investors.
If you had bought COIN shares about 7 months ago, today you would be looking at 1% of your investment, or less. At this point, COIN would need nothing short of a miracle to recover.
