Abtech Holdings, Inc. (OTC:ABHD
, ABHD message board
) has been moving down progressively over the past couple of days. Yesterday, the stock fell
even lower by losing approximately 19% of its price on a notably higher traded volume. Apparently, having seen the progressive fall ABHD decided to pump up its market price by promotions.
The campaign dates from yesterday, when the stock was promoted by StockMister for a compensation of $6.000, paid by an unknown paying party. Obviously, the promotion was aimed to cut off the loss from yesterday, though the results from today are yet to be seen. In any case, the campaign was supported by a positive announcement about Abtech Holdings, which might certainly fuel up the stock price.
According to the announcement, the company has been chosen by The Artemis ProjectTM as a Top 50 Water Companies Competition winner. The news came up as a supporting tip for ABHD and now everyone is curious about its next price move.
AbTech Holdings Inc. focuses on cleaning technology products and services, specifically in the water clean-up sector. Historical data shows that in March there was another campaign for the stock, once again accompanied by a portion of good news. Though, at that time the climb lasted only for a day.
In the meantime, the financial condition of Abtech hasn't improved at all as compared to the previous period. According to the latest 10-Q, as of March 31, 2011 the company's liabilities were much higher than its total assets, while the accumulated deficit was still over $24 million, not including the stockholders' deficiency and the other losses. Moreover, the company has not yet established an ongoing source of revenues sufficient to cover its operational costs.
Thus, in order to continue as a going concern, Abtech Holdings will need to obtain additional capital to fund its operating losses and service its debt, which at this point raises substantial doubt about the company's continuation.