After closing at $0.38 seven sessions in a row, on Jun. 29 Save the World Air Inc (OTC:ZERO) closed 5.41% down at $0.35 on just 50 thousand traded shares.
It looked like Jun. 30 would be another boring session for ZERO, but around 15:30 pm frantic trading began. A huge part of the 262 thousand traded shares changed hands after that point. The price also sharply increased, and ZERO closed at $0.399, 14% up.
There doesn’t seem to be any particular reason for that performance. The company hasn’t made any announcements in the last few days, neither has it filed new documents with the SEC.[BANNER]
The latest PR is from Jun. 24, when ZERO announced its technology was mentioned in an article in Wyoming Energy News. Maybe, there is no such thing as bad publicity, and the article actually could be perceived as good for ZERO, however, the market didn’t pay any attention to that.
The latest filing is an 8-K from Jun. 9. It revealed ZERO had issued and sold approximately $1.5 million of convertible promissory notes and warrants to purchase around 5.8 million shares of common stock. The notes are initially convertible into shares at $0.25 per share.
This doesn’t, by any means, explain yesterday’s jump. If anything makes it look even more puzzling, it is that the exercise price of the warrants is below the current market price, or $0.30 per share. It will be interesting to see, whether the motivation behind the transactions will become clear.
