NOHO Inc (OTCMKTS:DRNK) witnessed two strong trading session in the third week of May and from thereon has been moving south on the charts. Yesterday’s trading session was no different as the stock declined more than 32% to close the trading session at $0.00190. The decline came at a share volume of 31.48 million compared to an average share volume of 10.85 million. The volume was again on the higher side indicating severe weakness in the stock.
The buzz
NOHO started declining back in May when the company formally submitted a Form 15 as per Rule 12g-4. The filing indicates that the company essentially decided to let go of its filing responsibilities with the SEC by suspending its duties utilizing Rule 12g-4, which permits a company with fewer than 300 holders of record to let go filing duties.
The indications
The step taken by NOHO Inc (OTCMKTS:DRNK) is disturbing in light of recent events. The stock surged almost 250% within two trading sessions on zero filings, zero news, and while being extremely late with its much-awaited annual report. Both huge green trading sessions boasted daily share volumes exceeding the count of outstanding shares the company last disclosed. The last available count for company’s outstanding shares is 19.3 million reported in September 2014.
The problems
If the investors wants outstanding shares figure that is not eight months old, then they are out of luck. The annual report is also not there, and now it won’t be coming, as NOHO submitted the 15-12G, dropping any duties to report to the public. There is no update on how many shares of the company’s commons tock are issued and outstanding. If the average volume is any indication, a well informed guess would be that there are over 19 million shares out there. However, it cannot be confirmed with absolute certainty as there are no official filings released by the company.
