It is not uncommon for stocks to correct sharply after going through a massive rally and that is what seems to have happened with the Cantech Holding Inc (OTCMKTS:BSSP) stock in recent days.
The slide in the stock continued on Tuesday as it tanked by as much as 30% as investors continued to head for the exits. There has been no fresh news regarding the company in recent days but it might be a good move from investors to take a look at the events from last week that had originally led to the rally.
Back on June 16, the Cantech Holding stock soared by more than 100% after it emerged that the company had managed to update its corporate filings and uploaded it to the OTCIQ system. That is a major development for the company since it is now working towards gaining OTC compliance and becoming current on the Pink Sheet.
The company stated that it has embarked on this course of action in order to burnish its identity as a company. In addition to that, Cantech Holding also stated that the move is important so that it can also embark on moves to acquire entities that are held within the holding company.
Market Reaction:
On Tuesday, BSSP stock fell 33.33% to $0.0016 with more than 604.78 million shares, compared to its average volume of 140.03 million shares. The stock has moved within a range of $0.0015 – 0.0024 after opening the trade at $0.0024. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0053.
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