Just a couple of days after Sunpeaks Ventures, Inc. (OTC:SNPK)
cancelled 50 million common shares of its authorized stock, the company has become subject to a heavy pump-and-dump promotional scheme.
Judging from the dozen promotional emails, third parties have invested at least $70 thousand in an effort to push SNPK stock to the limits in the current trading session. Considering how SNPK has been doing for the first thirty minutes of today's session, the attempt might be deemed successful. SNPK has already gained approx. 35% in value and is currently traded at $0.58 per share. The total volume accumulated within that same period already exceeds the 25 million mark.
Yesterday, SNPK closed at $0.43 per share shifting a staggering 159.9 million shares in turnover. The record volume came hot on the heels of SNPK's cancellation of 50 million shares of common SNPK stock aimed at improving the company's capital structure. In addition, SNPK also announced yesterday that negotiations with an NBA celebrity regarding the company's Clotamin product had now reached the final stage. While no specific name has been disclosed yet, the news might have attracted investors' attention, as well.
Sunpeaks Ventures, Inc. distributes over-the-counter multivitamins to the healthcare industry market. The company finished the fourth calendar quarter of 2011 with:
- negative working capital in excess of $200 thousand;
- zero revenue and a quarterly net loss of $23K.