RushNet (RSHN) Stock Attempts To Rebound: Is it Sustainable?

Over the course of the past weeks, the RushNet Inc (OTCMKTS:RSHN) stock has emerged as one of the biggest gainers in the market and although there has been some volatility about the stock, it managed to end the day on the green on Thursday.

There was no news about the company on Thursday but investors piled on to the RushNet stock in a big way and the stock ended up with gains of as much as 15%. One of the more important news about the company in recent times emerged on June 9 when the company, along with its acquisition target heliosDX, announced that it was not going to go ahead with the previously announced reverse stock split.

In addition to that, RushNet also announced at the time that it will make the decision official by submitting a filing to the Secretary of State of Colorado to that effect.

Last week the company also announced that once the acquisition of heliosDX is closed, the two companies are going to be spun off into separately listed public entities. However, the RushNet shareholders are going to be rewarded with 12 shares in the spun off entity of heliosDX for every block of 1000 shares that they hold.

Market Reaction:

On Thursday, RSHN stock jumped 15.22% to $0.0053 with more than 1.30 billion shares, compared to  its average volume of 254.08 million shares. The stock has moved within a range of $0.0039 Р0.0064 after opening the trade at $0.0046. Over the past 52-week, the stock has been trading within a range of $0.0001 Р0.0249.

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