Propel Corp. (OTC:PROP) is an on-demand e-commerce company which usually manages to close in the green on promotions, even if it drops sharply the next day. This time, it couldn’t even do that.
PROP opened with a gap up, but it didn’t last long, and those who bought in at the high open had no chance to even break even after that. PROP closed down 5.22% at $0.109 and the volume was lower than the previous session.[BANNER]
The newsletters promoting PROP disclosed a $15 thousand compensation. In addition to that, the company issued two press releases, one says PROP’s CEO will host a conference call for shareholders tomorrow, and the other announces the launch of a partnership with the Navy Exchange Service Command.
Ed Bernstein, CEO of PROP said they were extremely excited about the partnership. Traders, however, obviously didn’t share the enthusiasm.
There is still some time before the next quarterly is due. Perhaps the shareholder conference call may provide some information traders could use to decide what to do with PROP.
