Shares of eWellness Healthcare Corp were down big today on heavy volume. Over 1 billion shares traded hands today more than five times its 30 average daily volume. EWLL closed down 30% to .009 losing .004 in today’s session.
After trading in a tight range between .0013 and .0015 most of the day the bottom fell out just after 3 pm so what happened.
Well at 3:05 pm investors got access to the Pre Form Pre 14C and apparently didn’t like it.
So what was in it? Here are just a few things.
- eWellness Healthcare Corp (OTCMKTS:EWLL) wants to change the name from eWellness Healthcare Corporation to American Health Protection Corp.
- EWLL wants to change the par value of the Company’s common stock and preferred stock from $0.001 per share to $0.0001 per share
- The company wants to limplement a 1:2000 reverse split of their Common Stock.
- OTCMKTS:EWLL will keep the number of authorized shares at 20,000,000,000 post split.
Number 3, the reverse split, is the big one, and probably why some investors are running for the hills. While it is possible that a reverse split could work out to the benefit of the current shareholders it is rarely the case. Shares did come back 50% off its lows of .006 so let’s see what happens.
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