Well, here's an interesting story...
A couple of weeks ago, on Jan. 21, I noticed that DTEC had traded...jumped about 80%...after not having done anything for months.
I have had 67K shares of this since awhile ago....$.06-.09.
Couldn't find any information...so I called the company...talked to someone very important, I won't say who. But I discovered that the company is in bankruptcy...or would be if it had the $30-50K necessary to file for bankruptcy. In fact, in order to file, it was maintaining itself as an on-going business by "selling the equipment"...two employees....a promise from an investor to buy the company...but no money received as promised by November....
So...
I wished them luck...and counted my money gone... But then I noticed that when I had done a quote request on SI, even though there was no quote, there was a news article posted...
something like this: delanotech.com
--except that it also stated that Delano Technology intended to trade on the NASDAQ under the symbol DTEC...
This information no longer appears on such a search. But, I started to grok that someone was making a "sly" move, and having read about the Delano Tech IPO, had told his broker to buy him DTEC when it was available, and lo and behold...found that DTEC could be purchased for a fraction of its intended IPO price of $9-11 on the OTC BB!
Well, needless to say, holding onto 67K shares of a losing position, I didn't say anything here...but called my broker to sell my shares for $.10...nothing for a few days...then, when the DTEC that we know was selling for $.33...the MM took my shares @ $.10...and has long since made 100-200% on the flip.
How's that for a good warning about investing in OTC BB...?
By the way, Delano Technology is expected to IPO (on the NASDAQ--not OTCBB) in March--after the confusion about the trading symbol is straightened up...I guess...
Good luck. |
