After registering a week of gains, Thinspace Technology Inc (OTCMKTS:THNS) has reversed its direction and is now moving down on the charts. On Wednesday’s trading session, the stock declined over 19% to close the day at $0.00585. The stock extended its decline in yesterday’s trading session and plunged more than 21% to close the trading session at $0.00450. This decline was supported with massive share volume of 25.70 million, almost double of the monthly average share volume.
Despite the promising PR issued in last week, the share price of Thinspace recorded decline of over 30% in two consecutive trading sessions. The PR highlighted that a home security business, “AlarmForce” will use company’s virtualization solutions and services. Since the announcement was made, the stock had declined more than 60%.
The decline in Thinspace can be attributed to the endless series of pumps targeting company. Back in April, when the stock was trading near to $0.10 per share, it became the target of series of eighty pump emails. From there on, the stock has dropped over 90% and entered in double zeroes.
The latest promotional email came last week at the same when Thinspace released the positive PR about AlarmForce. The email repeated the company’s official statement and scope of new deal. The outfit firm ‘TheNextBigTrade dot com’ disclosed that it received compensation of $20,000 to run the promotional campaign. It is still going on and appears to be not ending in near future.
The problem of company doesn’t ends at promotional emails. Another major red flag associated with Thinspace is outstanding common shares. Back in May, the outstanding common shares count stood at 104 million. However, the share volume recorded last Friday was 114 million, which suggests that the number of outstanding common shares has probably increased from the released number in May.