A recent piece of article published on Seeking Alpha highlights Cellceutix Corp (OTCMKTS:CTIX) as a firm that runs from an empty office building. The writer calls the company’s science as demonstrably unviable, depicting this public shell corporation likely worth considerably less than its current value.
The article stated that Cellceutix is a company operated by a management team with a history of shareholder value destruction. In fact, one of the members of the insider team has repeatedly released false claims about his background. The company is a black hole of enriching consulting deals, related party transactions and financial agreements with Ponzi scheme fraudsters as financing associates. The writer stated that Cellceutix fair value is nearly 96% lower than the current price and therefore, trading in company’s stock should be avoided.
Cellceutix is seen as an entity where there is no end of unethical conflicts of interest in the management team. These insiders who seem to be recycling a traditionally successful playbook have resulted in self-enrichment at the cost of minority shareholders. The company operates from a shell office that was leased to Cellceutix by its president.
The future ahead
Considering the problems within the management, there is a strong probability that company is manipulated by stock promoters. The writer stated that after engaging an independent scientist to review company’s science, he concluded that the Cellceutix’s drug pipeline don’t have any merit and is probably entirely without value. He values Cellceutix Corp (OTCMKTS:CTIX) stock price at not more than $0.09 per share, which is almost 96% lower than the current market price.
In last trading session, the stock price of Cellceutix jumped more than 11% to close the trading session at $1.99. The gains came at a share volume of 473,917 compared to average share volume of 560,623. The market cap stands at $234.26 million.