After spending about two months at triple zero levels, Tytan Holdings Inc. (PINK:TYTN) broke through the $0.001 mark.
Yesterday TYTN gained 44.44%, closing at $0.0013 on a significant volume of approximately 184 million shares.
Unless the number of outstanding shares has changed, that volume would mean more than 10% of TYTN shares changed hands yesterday. It should be pointed out, however, that according to FINRA’s Reg SHO daily file about 56% of that volume was generated through short trades.[BANNER]
A possible reason for this interest in TYTN could be the announcement from May 11. The company said Mark Leonard, CEO of TYTN, was leaving for China to inspect the products to be shipped to the U.S.
Additionally, the annual report published by the company using an alternative reporting standard suggests the company was supposedly able to meet its financial needs at the end of 2010:
- $61,663 in cash and $1,725,356 in total current assets; ($1,410,943 inventory)
- $780,713 total current liabilities
- $585,077 sales ($1,518,642 for 2009)
The income was barely $21,680, but TYTN was awarded by the court $252,717 from TractorCo, Inc.
If the data provided by the FINRA file is correct, it might suggest some traders expect TYTN to go back down. It will be interesting to see whether they are right.
