On May 14 Solos Endoscopy, Inc. (PINK:SNDY) issued a PR concerning some purchase orders. The announcement was apparently good enough to send the price 233.33% up!
Yesterday SNDY had another shocking session, 200% up – one SNDY share was worth $0.024. The volume was also spectacular, albeit slightly lower than it was on the fourteenth. Approximately 8.8 million shares were traded.
The PR itself doesn’t seem all that impressive. While it does claim multiple major cancer institutes and research centers have ordered Solos’ MammoView product, the number given for those orders is hardly something to get worked up over – “…additional $32 thousand in open purchase orders…”[BANNER]
The other part of the announcement could potentially be more exciting. It is about SNDY’s ISO 13485 quality management system initiative. The initiative is “a major step” in obtaining a CE Mark and permission to enter the EU market.
Other than the optimistic views of the future, the low float, and the momentum, there isn’t too much to explain the gigantic gains these past two days.
SNDY’s latest report still has features like negative working capital and net loss. Nevertheless, some traders seem to be very excited about the company.
On the other hand, FINRA’s short volume report shows more than 50% of the volume yesterday was from short trades. It will be very interesting to see how this one plays out.
