Novint Technologies, Inc. (OTCMKTS:NVNT) is one of those companies that has been quite irregular with its filings. Despite the strict rules of the OTCMKTS, the company has so far managed to stay listed. Recently, the company reached a deal with Facebook, regarding its technology for 3D touch enabled devices. The news, although from unofficial sources, helped the stock gain momentum, during the April 1 session, but NVNT failed to sustain its gains.
The new surfaced when a patent was published, awarding Facebook the rights to develop an arm-mounted controller for virtual reality games. Facebook aims to track the movements of the wearer’s arm and return feedback, depending on the movement and scenario. Reports from unofficial, but well placed sources, state that Facebook actually acquired the technology from Novint.
If that is indeed the case, it would come as no surprise as to why Facebook’s product looks a lot like Novint’s XIO. It should be noted here that Novint had been working on XIO for at least the last 5-years, but has not even released its first prototype as yet. Moreover, company officials were also unavailable to comment on the status of its prototype. Since the two companies are yet to release an official statement about the deal, the value and complete details of the agreement have not yet surfaced.
Even if the reports do get confirmed, it is highly unlikely that Novint would be able to sustain any gains it makes in the stock market, as a result. This is mainly due to the facts that the company has been irregular with its financial reports for the past 6-years and its last filing was 4-years ago. However, speculations have started to rise about the company being acquired by Facebook or another tech giant. Unfortunately, that still seems like a far-fetched idea, unless Novint updates its financial filings.
Novint Technologies, Inc. (OTCMKTS:NVNT) lost 28.79% and closed at a share price of $0.0235, after having a trade volume of 14.76 million, during the April 4 trading session.
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