National Patent Development Corp. (OTC:NPDV)
shocked with its unusual trading volume yesterday. The stock price didn't
change as compared to the previous day, though, its volume exceeded $1 million shares. That's a phenomenal value for NPDV as its average volume hardly totals 60 thousand shares.
However, nobody knows what's behind the huge volume this time. The company has not released any news lately, while in the meantime it's being overbought.
The last announcement on NPDV dated from last week and it was on the resignation of the company's Vice Chairman, effective immediately. Since then, there is no further information on the corporation and no official website can be found.
National Patent Development Corporation is a shell company. In January this year, the company completed the sale of all of the issued and outstanding stock of its wholly owned subsidiary Five Star Products, Inc. to The Merit Group, Inc. Though, by the end of June NPDV has suffered an operating loss of over $1 million. In the meantime the company has registered neither revenues, nor any profit.
The cash and cash equivalents of NPDV total over $28 thousand and the company claims it will be sufficient for "at least the next 12 months". However, after that it should find additional sources to support its operations.