It is often noticed that stocks which make substantial gains often decline for no other reason but for the tendency of investors to take their profits and that is what seems to have happened with the Cantech Holdings Inc (OTCMKTS:BSSP) stock.
On Monday, the Cantech stock declined by 20% on the back of considerable profit taking from investors, however, at the same time, it should be noted that it is still up by 35% over the course of the past week. The positive trigger for the Cantech stock came on June 14 when the company announced that it updated all its corporate filings with the OTCIQ system and expects to become OTC compliant.
The company hopes to become compliant by getting a Pink Sheet current status from the exchange. It is a major development for the company since it is going to allow Cantech to concentrate on its growth rather than worrying about its listing.
The company, which was previously known as Reve Technologies Inc, is building a new corporate identity and hopes to generate growth by acquiring assets from inside the holding company. The current rally in the stock is expected to bring the Cantech stock to the attention of many new investors.
Market Reaction:
On Monday, BSSP stock fell by 20% to $0.0024 with more than 541.04 million shares, compared to its average volume of 138.19 million shares. The stock has moved within a range of $0.0023 – 0.0035 after opening the trade at $0.0035. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0053.
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