Since late April Yippy, Inc. (PINK:YIPI
, YIPI message board
) has more than doubled the price of its stock. Yesterday there was a pronounced drop, and after the close a promotional campaign
The reasons why YIPI went up seem to be the move to the OTCQX tier and the addition of the company's information in the S&P Capital IQ Market Access Program.
As mentioned, yesterday YIPI closed down. The price dropped 15.38% to $0.55 after managing a close at $0.68 last Thursday. Approximately 167 thousand shares changed hands yesterday.
There doesn't seem to be any particular event that could have caused the price to fall, but the company apparently feels this is a good time for a promotion. YIPI paid $20 thousand for a four-day promotional campaign.
Promotions paid by the issuer often have an adverse effect on the price of the stock. It will be interesting to see whether the positive effect of the move to the OTCQX will make the promotion work differently for YIPI.
While the listing on the OTCQX was definitely a promising development, as Richard Granvile, CEO stated: YIPI still has a long way to go as a company to meet its goals.