GENM closed the last trading session on a weak volume of only about 42,000 shares. The stock closed the session without a change in the price at $0.25. Today will show if that is a reliable support level from which a new promo rise can start. In the middle of January, when a paid stock promotion for GENM took place, its share price broke the $0.55 level, and lost since then more than half of that values as many investors must have grabbed the chance to sell out their shares.
GENM technical indicators look positive, so it looks like the pattern can now repeat. Yesterday evening, many promoters included GENM in their newsletters, appealing to traders to put it on the watch list again. The disclaimer of one of the promoters states that he has received $80,000 from a third party for a one-week advertising services contract. That promoter is not holding shares, but the third party that paid him most probably does and if it liquidates them it could have an adverse effect on the share price after the promotion.
Genmed Holdings Corp. has not issued any news or press releases since for more than a month now. As we previously reported the company has convertible debts on its balance sheet, which cast high dilution risks on its shareholders. In addition comes the fact that GENM does not have enough cash to fund its future business, which is still in the planning phase.
