Yesterday Nanologix, Inc. (PINK:NNLX) dropped 3.66% and closed at $0.395 with 221.5 thousand shares traded.
Before that, NNLX had some sessions of active trading and price increase, most notably on Jan. 9 when NNLX gained 8.11% and the volume almost reached 250 thousand shares.
The odd thing is that there didn’t seem to be a catalyst for the performance as NNLX actually issued a press release the next day.[BANNER]
The announcement said NNLX had approached a third party to prepare six applications to be submitted to the FDA.
While NNLX provides shareholders with a press release or two from time to time, the company terminated its registration with the SEC back in 2005.
Not only did it stop reporting to the SEC, but it isn’t reporting to the OTCMarkets as well, and consequently qualifies for the OTC Pink No Information tier and the red stop sign.
The latest financial report available on the company’s web site is for the period ended June 30, 2010. Bio techs are sometimes exciting, but not providing information just doesn’t look good, and makes it hard to get a stable price increase.
