ACII blasted up several hundred percent before closing at $.0023 today for a gain of 287%. The stock had closed at $.0006 on Thursday and encountered some suspicious volume on that day compared to its recent volume history. ACII's action the last two days illustrates the importance volume plays in a penny stock price break out.
If you caught yesterdays "odd" volume via a scan then you might have taken a chance that the volume was a solid indicator that interest in the stock was about to grow. There is no recent news on this stock, although an 8-k was released a few months back.
The 8-k stated that ACII was filing for bankruptcy.
On June 18, 2009 AmeriChip’s board of directors reluctantly and unanimously resolved to file a voluntary petition seeking relief under Chapter 7 of Title 11 of the United States Bankruptcy Code for both AmeriChip and KSI. AmeriChip’s board of directors has appointed and given the authority to do so to Jim Kotsonis.
The decision was reached after lengthy discussions and evaluations of all apparent options and alternatives, including filing chapter 11 bankruptcy with a reorganization plan.
The last two days of action are more than likely a "dead cat" bounce. If you were lucky enough to get in at $.0006 or less on Thursday then you would have been purring at $.005 today.
Only a few weekends left of the summer season. Let's enjoy this one.
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