Infinite Technology Corp. (PINK:ITCJ) trading volume increased nearly 8-fold during yesterday’s trading session after the company was recommended by Penny Stock Gurus.
The Pink Sheets listed Infinite should be in the business of providing integrated circuit, digital signal processor and System-on-Chip design services and related solutions. Instead, they have no operations, no revenues and hardly any capital to proceed as a public company.
Delinquent with their SEC fillings, the company has only published one unaudited unofficial quarterly report. Infinite’s website is currently down, they hold Limited Information label on otcmarkets.com. [BANNER]
The scarce financial information makes it evident that the company has most of its debt outstanding in the form of notes, meaning it could be retired by converting it to common stock. While this is somewhat positive for the capital lacking firm, it would further increase the count of the outstanding shares, which now totals 3.3 billion and is somehow above the 500 million authorized count stated in the ITCJ report.
The share price has been rolling down since the volume got a bit heavier around August. Stock Gurus stated the current position to be the bottom, but the current PPS of $0.0005 puts a $1.6 million cap on the entity that has no operations and doesn’t communicate with investors. Even if the massive volume is followed by an increase in the price, it is likely to turn out as a very volatile short-term burst.
