There was some pretty solid IBY short sales on Thursday which isn't helping. On Thursday August 21st short total was $101.3K which jumped from $19.4K on the previous day. The average daily liquidity is about $330K so 30% shorts is easily enough to crunch the price, as it did on Thursday.
These emerging companies are generally struggling, particularly in the past week or so and more so those with Asian connections perhaps with the tensions over China centric geopolitical issues. I have another Oz registered but Asian based company which also had a bad time this past week.
I guess it is a matter of riding it out, I don't see any fundamental reason for the slide. Normally a CEO change might cause a flutter for a few days but it seems to be enough of a catalyst to trigger the slide. Not sure when the full report will be forthcoming, the last update was in July.
E88 Price at posting:
27.5¢ Sentiment: Hold Disclosure: Held
