Wall Street Stallions Abandon Pump of Nano Labs Corp. (OTC:CTLE)
In yesterday’s trading Nano Labs Corp. (OTC:CTLE) managed to find its way to the top of the most heavily traded OTC stocks. Sadly, it got there on relatively large volume but dropping price, closing over 9% down.
This Tuesday Wall Street Stallions ran a paid pump on CTLE, getting paid $20 thousand for the promotion. It seems this one fizzled before it could do anything. Even though the pumpers claimed that the company will be their pick for the next months, as the stock idled, then dropped, they’ve gone completely silent. The company was pumped earlier, less than a month ago, and the result of that last pump is visible on the chart.
CTLE was previously known as Colorado Ceramic Tile, Inc. – a venture that turned sour and failed to generate revenue. The switch from cutting tiles to nanotechnology may seem a little strange to some. CTLE claims to have acquired ‘nanotechnology’ from the man currently employes as its CTO – Mr. Victor M. Castano. As a matter of fact as of November the company had a total of 2 employees, one of whom was engaged part-time. Mr. Castano is not only the CTO of the business, he also holds over 100 million shares of CTLE that he received when he got on board with his supposed ‘nanotech’.
The company switched names in May, then enrolled Mr. Castano in October. This means that so far it has not proven that it can generate a dime of revenue, even with its ceramic business, and is only hoping that Mr. Castano’s mysterious technology will maybe bring profit.
Here is how the company looked financially as of September 2012, the date of their latest financial report:
- ZERO assets
- $171 thousand in liabilities
- ZERO revenues for 2011 and 2012
- $10 thousand net loss
After carefully considering these numbers, investors may want to stop and think why this thing has a market cap of $198 million dollars at yesterday’s closing price and how much insiders holding millions of shares would stand to profit if they dump them.
Pumpers Wall Street Stallions previously attempted to pump some other failing enterprises as well. One example would be their pump of SEFE, Inc. (PINK:SEFE). They got late on this one when it was already dropping and after their attempt it went even lower.
Traders are advised to do their own due diligence and be very careful around OTC stocks, especially when they are being promoted or have been promoted in the past.
