XLI Technologies Inc (OTCMKTS:XLIT) managed to add 2.29% more to its Wednesday’s gains, and on a massive volume of 4.09 million compared to average daily volume of 1.52 million. At that it becomes an obvious question, will its luck hold? However, here is no way to get the direction one way or the other.
The buzz
On March 18, Mr. James Schramm, the CEO of XLI Technologies reported that he canceled as many as 65 million shares. Instead of reviving the stock, this announcement prompted the stock to decline from all the way from $0.34 to as low as $0.13. From that level, the stock had managed to recoup some losses with its last close at $0.143. Plenty of investors were caught off-guard by the sharp decline in mid of month, but was everyone actually that surprised? Investors who performed the due diligences were expecting this decline.
XLI Technologies stock first popped up on the investors’ radar in October 2015 when it was trading under its old ticker. Back then, it was convenient to acknowledge that the buzz around the merger deal with Bosch International LLC was far-stretched. It was also easy to know that nearly 25 million of the outstanding and issued common shares were sold for just $50,000. In fact, XLI Technologies stock looked like it was going to witness a big stock promotion, and as it was expected just after the new ticker was reported, the promotion did begin.
The highlights
After XLI Technologies stock got a new symbol, Charles Moskowitz issued a report on the stock, and the disasters he registered with EMS Find Inc (OTCMKTS:EMSF) and Virtus Oil and Gas Corp (OTCBB:VOIL) should have given some more cautionary lights. Once that was over, a few newsletters attempted to promote the stock and thus results are evident.
