Converted Organics, Inc. (PINK:COIN) is still on its inglorious descent, but there are some impressive spikes in price from time to time.
Yesterday was one of these rare instances when COIN managed a positive close. Unlike the December spike, this time the volume also went much higher.
At the end of trading COIN was 195% up at $0.0062, and more than 81 million shares had changed hands.
While it may look like a huge break, it doesn’t seem to be based on some radical change in COIN’s actual situation. Some traders ventured a guess it was the result of a short squeeze, and it may have very well been just that.[BANNER]
The company didn’t issue any press releases and there were no filings or promotions as far as we can tell.
The performance of COIN came as a surprise to some, since in recent filings it is suggested there will be a reverse split which will not affect the number of authorized shares. The reason for the split is that COIN needs to satisfy some obligations related to notes it has issued.
It’s not certain that what happened yesterday was a short squeeze, but there doesn’t seem to be any other reasonable explanation for the market performance of COIN.
