On Friday, Green Technology Solutions Inc. (PINK:GTSO) fell sharply down by 25% on a volume of nearly 1 million shares. This was ten times higher than the 90-day average. The short volume on that day was 150 thousand, or 16% of the total volume.
The price decline was actually a continuation of the dramatic price crash which started roughly one week ago. During this period, GTSO fell from $2.3 per share to $0.94. On Friday the stock touched an intraday low of $0.65 and thus solidified the lowest price point in 2011.
Even the news that the company published throughout the week was unable to stop the downfall of GTSO stock. On Wednesday, the company announced it had signed a profit participation agreement with Ar Erkhes LLC, a Mongolian mining and trading company, to facilitate the mining of rare earths at three sites. [BANNER]
Two days before that, GTSO issued a press release to announce it was working to secure new sources of rare earth elements in Mongolia, Kenya and Botswana. The series of press releases however were powerless to stop the price decline that was apparently caused by reasons which were not publicly announced.
GTSO is listed at the OTC QB section of the OTC Markets, which doesn’t mean that investors are protected from the risks and pitfalls of the pink sheets market. On the contrary, OTC companies are also very volatile, which is perfectly demonstrated by the price action of GTSO stock in the last couple of days. In this regards, it appears a lot of investors got burned after GTSO share price plummeted last week.
