GRYO looked headed downwards yesterday and closed the session 30.99% lower at $0.216. Trading volume remained much higher than unusually and yesterday the volume kept growing to reach over 30 million shares. It seems that the observed these days performance of the share price is a result from some massive shorting last week. Last Wednesday, the percentage of shorted shares from the total trading volume exceeded 54%, and a large gap up in the share price followed in the subsequent trading session.
Any SEC filings that could confirm the announced last week change in the company’s exploration program towards the acquisition and development of lithium properties are still missing. Though Gryphon keeps issuing more press releases, attempting to convince that its business is making progress.
The press release from today announces a Letter of Intent to acquire an option to purchase mineral exploration rights in Arizona on properties holding gold and copper reserves. On Monday, Gryphon said to have completed a private placement for $320,000, funds that would be according to the CEO sufficient to cover the first stage of “a new lithium exploration initiative in Arizona”, probably the one announced last week.
The lack of reliable information makes GRYO stock look good for trading and shorting, but it is very questionable if the stock will remain that attractive without any news, speculations or alerts.
