Siyata Mobile (NASDAQ: SYTA) Ebbs and Flows of Micro Float Stocks- On Watch
DENVER, Colo., Dec. 6, 2023 (247marketnews.com)- The following companies published announcements or traded higher on higher-than-usual volume; Siyata Mobile (NASDAQ:SYTA), Incannex Healthcare Inc (NASDAQ:IXHL), Yoshiharu Global Co. (NASDAQ:YOSH), Allarity Therapeutics Inc (NASDAQ:ALLR), Clearmind Medicine Inc (NASDAQ:CMND)
Our focus has been on Siyata Mobile (NASDAQ:SYTA), which, as we reported, recently partnered with a purchase order finance company, to help secure future funding needed to satisfy upcoming equipment orders, and it completed a reverse split.
Siyata opened yesterday’s regular session trading at $3.09 and hit an intraday high of $4.93. however, it couldn’t hold all of those gains, because, according to a little birdie, an investment bank sent out an email at 1:36 p.m. stating that they were in the money, causing their investors to lock in profits on what turned out to be a $4.20 breakeven point.
Assuming the birdie was right, which is very likely, that would go a long way in explaining the massive trading volume just after 1 p.m., because the bankers must first lock in their profits before they consider their clients and send out their email.
The investment bank most likely attracted a bunch of fresh shorters, or may even shorted after their exit, who knocked the closing price down to $3.58, up $0.48 (+15.48%), on trading volume of 996,666 shares.
That volume is nearly twice the First Responder and Fleet Management Mobile specialist’s approximately 504K shares float, so either almost all of the available shares in the float were sold twice yesterday, or there’s going to be a bunch of failed to deliver shares.
These dynamics are very important, because Siyata Mobile is well positioned to potentially follow several of November’s post-split poppers, like Incannex Healthcare Inc (NASDAQ:IXHL), which has been on fire since completing a 1 for 4 reverse on the 30th, and Yoshiharu Global Co. (NASDAQ:YOSH), which completed a 1 for 10 reverse on the 28th and flew from below $6 to nearly $14.
Another November post-split popper is Clearmind Medicine Inc (NASDAQ:CMND), which we’ve covered multiples times in the past week.
We also covered Allarity Therapeutics (NASDAQ:ALLR), which flew to a premarket high of $1.47, after reporting hopeful initial results from its ongoing Phase 2 clinical trial, but pulled back to $0.80, up $0.19 (+31.08%), on 10.7M shares traded, when we covered the pullback. From there it gained about 50% in the premarket, but couldn’t match that performance in the regular trading session.
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Cautionary Statement Regarding Forward Looking Information
Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.
DISCLAIMER:
24/7 Market News (24/7MN) is a third-party publisher and online news dissemination service provider that produces regular sponsored and non-sponsored reports, articles, stock market blogs, and newsletters covering equities listed on the NYSE, NASDAQ, and micro-cap exchanges. 24/7MN holds no investment licenses and is NOT a financial advisory firm, investment adviser, analyst, or broker-dealer and does not undertake any activities that would require such registration. 24/7 MN is not affiliated with any company written about in this release and owns no shares of stock. 24/7MN’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.
The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and based on publicly available information which is believed to be reliable.
The stocks and strategies discussed are simply ideas only and are in no way financial advice or recommendations. The author may or may not at any time be holding securities discussed. The author may or may not enter trades in the stocks mentioned. Some positions in mentioned stocks may already be held or are being adjusted or are simply examples, ideas or discussion topics. You are always trading at your own risk.
Cautionary Statement Regarding Forward Looking Information
Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.
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