Dragni Dragnev

Bionovelus Inc. (OTCMKTS:ONOV) Is Still Soaring

by Dragni Dragnev September 1, 2015

Bionovelus Inc. (OTCMKTS:ONOV, ONOV message board) closed as high as $0.153 yesterday, after it was once more pushed up by a volley of paid pumps.

The fact that ONOV is on the receiving end of a paid pump should ring enough bells for seasoned OTC Markets investors in and of itself. The ticker had been stuck in illiquid OTC markets obscurity for months on end, before the paid promotional e-mails hit inboxes – and with good reason.

The company's latest financial report showed investors a sad, sad picture:

  • Cash - $7 thousand
  • Total assets - $1.1 million
  • Total liabilities - $1 million
  • Quarterly net loss - $30 thousand

One glance at these numbers give the impression that ONOV is not even trying. The idleness they suggest is simply appalling, but the picture only gets uglier once more due diligence is done.

Research on the company's past endeavors ascertains what most seasoned OTC investors probably saw coming with one glance at its charts and promotional history – ONOV has had some very, very dubious dealings in the past. Back in January 2014, it was known as First in Wireless Technology Inc. and was supposed to spark “the mobile VOIP revolution”.

Unsurprisingly, said revolution never happened. However, so many ONOV shares hit the market when the hype around the company raged, that it was forced to perform a 1 for 750 reverse split. Said split came with a change of name and management – and now, it seems like ONOV is back to its old tricks again.

Which is why investors should be on their toes when dealing with ONOV. Sure, the ticker appears to be volatile enough that some money may still be made trading it – but investors should keep the company's history well in mind, as there are definitely lessons to be learned from it.

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