In recent days, the RushNet Inc (OTCMKTS:RSHN) stock has emerged as one of the biggest gainers in the market and although it declined by 16% last Friday, it ended the week with gains of as much as 66%. The decline in the stock could also be a case of investors taking their profits.
Earlier on in the month, RushNet, along with its merger and acquisition target heliosDX, had announced that the proposed reverse stock split stands cancelled. At the time the company had also announced that it was going to make it official by submitting a filing to the Secretary of State of Colorado.
The new about the cancellation of the reverse split had actually come as a major boost to the stock as investors flocked to it in a big way. Last week, the company also announced that the transaction to complete the acquisition of heliosDX has been completed.
However, the merger can go into effect only after heliosDX becomes pink current on the OTC Markets and meets the requirements with regards to audit standards. It is the news that investors could consider tracking over the course of the coming days. It will be interesting to see if the RushNet stock makes a recovery this morning or not.
Market Reaction:
On Friday, RSHN stock fell by 16% to $0.0100 with more than 1.40 billion shares, compared to its average volume of 223.43 million shares. The stock has moved within a range of $0.0083 – 0.0136 after opening the trade at $0.0125. Over the past 52-week, the stock has been trading within a range of $0.0001 – 0.0249.
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