The Cybernetic Technologies Ltd (OTCMKTS:HPIL) stock was one of the more notable gainers on Tuesday as it ended the day with gains of as much as 72%. While the gains made by the stock are considerable, it is also necessary to point out that there was no news with regards to the company yesterday that might have led to such handsome gains.
In this situation, it could be a good idea to take a look at some developments from the past. Back on May 25 this year, the company announced that it had filed the relevant documents by way of which the number of authorised Cybernetic shares was going to be reduced to sixty billion from two hundred billion.
The Chief Executive Officer of the company Stephen Brown stated that the move had been made in order to improve the perception of the Cybernetic stock in the market and for possibly making some acquisitions.
He went on to state that the company planned to review this decision again after the stock got listed on the OTCQB. It was a major move from the company and one that might have led to rising optimism among investors. However, it is difficult to say if that announcement was responsible for the latest rally.
Market Reaction:
On Tuesday, HPIL stock jumped by 72% to $0.0047 with more than 1.90 billion shares, compared to its average volume of 286.62 million shares. The stock has moved within a range of $0.0028 – 0.0049 after opening the trade at $0.0029. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0049.
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