and its traded volume jumped over 14 million shares.The reason behind the current high trade turns out to be the recent news by Mind Technologies, Inc. Yesterday, the company announced that its majority owned subsidiary Mind Solutions, Inc. was valued at approximately $59 million.
According to the announcement, MT is now expected to raise up to $15 million through its subsidiary in the European market, as well as to strengthen its “financial position significantly”. As soon as this news was released, traders’ interest in JEDM rose up and the heavy gain was on.
Mind Technologies, Inc. develops software for thought controlled technologies, allowing the user to interact with the computer and other machines through the power of the mind. Throughout last September, the stock hit huge gains, however after that the price fell down significantly. Now JEDM is climbing up again, though it’s too soon for the optimistic projections to be confirmed.[BANNER]
In August, the company received correspondence from Lucas Films, Ltd. to cease and desist using the name Jedi. In order to avoid the costs of litigation, the company has agreed to change its name to Mind Technologies, Inc. and has obtained the new domain name MindTechnologies.com
Last week, the company reported that its stock was “under pressure from short sellers” and the management was “actively seeking a solution for the problem”. Mind technologies stated that the symbol “JEDM” was to change in the near future, reflecting on the business and name of the company. However, no details on the issue were provided at his point.
According to its semi-annual report, by end-June Mind Technologies had more assets than liabilities, though their accumulated deficit rose over $1 million. The company had no outstanding warrants on its balance sheet, though the management states that “The calculation of fully diluted earnings (loss) per share assumes the dilutive effect of the exercise of outstanding options and warrants”.
Now, as the company needs additional fund for their operations, the only option for the team is to rely on its subsidiary to bring them a profit.
