There were a number of stocks which recorded significant declines on Tuesday and one of those was the GNCC Capital Inc (OTCMKTS:GNCP) stock, which ended the day with a decline of as much as 50%.
Trading Data
On Tuesday, GNCP stock fell 50% to $0.0001 with 1.1 billion shares, compared to its average volume of 280.62 million shares. The stock has moved within a range of $0.0001 – 0.0002 after opening trade at $0.0001.
GNCC Capital, Inc. Updates On OTC Tier Status And On Pending Transactions
The strong selloff in the stock came about after the company made an announcement with regards to the possible reinstatement of its Pink Current status on the OTC Markets. GNCC Capital noted that back on November 16, 2021 it had confirmed through a statement that it had made all the necessary submissions to the OTC Markets Compliance with regards to the amended financial report for the third fiscal quarter.
All of it had been done by the company for the reinstatement of Pink Current status. In addition to the fundamental concern with regards to getting the Pink Current status, the whole thing has also kept its business transaction with Lithium Projects in a limbo. As long as the company does not get Pink Current status, it is not going to be able to close the transaction. Hence, it is perhaps not a surprise that the statement from GNCC Capital on Tuesday spooked investors and led to a significant selloff.
Technical Data
GNCP stock is trading in the oversold zone with RSI at 41. The stock has pivot supports at 0.0000, 0.0000, 0.0001 and resistances at 0.0002, 0.0002, 0.0003. The stock is down 66% in the past 3-month.
