Dragni Dragnev

BioNovelus, Inc. (OTCMKTS:ONOV) Rears Its Head

by Dragni Dragnev July 19, 2016

The last two trading sessions have brought BioNovelus, Inc. (OTCMKTS:ONOV, ONOV message board) well above the quarter threshold – but why?

The ticker jumped 28.57% on Friday, and another 47.22% yesterday's session, bringing ONOV's market cap to a whooping $22 MILLION. Such a turn of events suggests that either the company has done something to earn the investors' interest or that it is on the receiving end of a paid pump.

But here's the odd bit – neither of those seems true. There don't seem to be any ongoing targeting ONOV – not since the efforts of BlueHorseshoeStocks ceased about a month ago. There are no new official filings either – and it's not like the last one could have impressed anyone:

  • cash - $4
  • current assets - $4
  • current liabilities - $681 thousand
  • revenues - ZERO
  • net loss - $25 thousand

No you didn't read wrong, and no – this is not a mistake. A company that has FOUR DOLLARS to its name currently has a market cap of over $20 MILLION.

That pretty much sums up all that needs to be said about ONOV. Next to these numbers, even the fact that the company has $154 thousand worth of outstanding convertible notes that can be converted at undisclosed rates at undisclosed dates in 2016 doesn't really mean much.

Still, investors might want to note that 2015 saw the issuance of 13.2 million of the company's 83 million shares currently outstanding.

With all of these facts in mind, it should be pretty obvious how investors should regard ONOV.

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