In the latest several trading sessions Radient Pharmaceuticals Corporation (PINK:RXPC) has managed to close up. It’s not that they have found some magical solution to their problems, though.
Yesterday, RXPC closed up 4.88% at $0.0043 with 9.6 million shares changing hands.
It seems the company is trying to find a way out of the hole it dug for itself. Earlier today, the company issued a press release and filed an 8-K saying RXPC has completed restructurings with its noteholders to limit stock sales.[BANNER]
The conditions limit the sales to a percentage of the volume, and while it could slow down the fall of RXPC, this alone cannot stop it. There are still billions of shares to be issued, the latest financial report showed even less revenue and consequently more losses.
Last month RXPC announced it had filed patents for its cancer test with the patent offices of Japan and China. Chairman and CEO of RXPC, Douglas MacLellan said, among other things, that the company was experiencing “continued growth” in Asian countries.
If this is the case, then they are doing even worse than before in the US and Canada (keep in mind the diminishing revenues).
There is hardly any reason to believe RXPC is ready to stop its descent. The company is still piling up losses, the dilution is still going, and now RXPC has 5 billion authorized shares to provide ample space for even more dilution.
