Industrial Nanotech Inc. (OTCMKTS:INTK) Stock Soars 150% in a Week: What’s The Buzz?
Industrial Nanotech Inc. (OTCMKTS:INTK) stock is witnessing a bit of sell-off on profit taking after the monster rally. The stock has soared 150% over the past week.
Market Action
In the morning session, INTK fell 18% to $0.0113. More than 466K shares have exchanged hands, compared to its average volume of 5.22 million shares. The stock opened at $0.0144 and moved in a range of $0.0005 – 0.0144.
Industrial Nanotech CEO/CTO Stuart Burchill Provides Shareholder Update
Here are the highlights:
Industrial Nanotech provided a shareholder update.
Industrial Nanotech Inc’s CEO/CTO, Stuart Burchill, provided the following information, “Now that we have successfully met the requirements of the new SEC 15c2-11 rules, we are quickly taking the necessary steps to provide OTCMarkets with the additional documentation required to move to “Current Information” status.”
Mr. Burchill continues, “We are also beginning the process of having our financials for 2020 and 2021 audited by an independent PCAOB auditor so that we can finish in the first months of 2022 and make application to a higher listing status.”
Additionally, Mr. Burchill discussed the impact of Covid-19 on the Company’s revenue in 2020, 2021 to date, and moving forward.
“Smaller sales, LeadX and small projects, were not severely impacted by the pandemic. Larger sales were dramatically affected,” states Mr. Burchill. “Larger projects require us to visit the plant and demonstrate the products and, after the sale, they require outside contractors to be allowed on site. Our large order customers had a complete ban on outsiders coming into the factories or restricted it to only the most essential outside personnel. Now we are beginning to see those restrictions lifted and we are very optimist about the upcoming quarters and years.”
