January 04, 2013 at 08:09 AM EST
Kit Digital, Inc. (PINK:KITD) Marks First 5% Loss in a Week
The newly minted pink sheet, Kit Digital Inc. ( PINK:KITD ), continues to thrill with the possibilities in the future of its stock. A worldwide provider of web video technology with many large clients, the company was delisted from NASDAQ last month due to non-compliance with accounting practices. On Thursday, the ticker fell by 5% and the next few days may be searching for direction while the group reorganizes, changes its consultants and moves in to reassure investors with the appropriate press releases. Kit Digital is the latest project of entrepreneur Kaleil Isaza Tuzman, presented by documentary Startup.com, which detailed the rise and fall of GovWorks.com, a web-based government service business. It seems yet another venture of his has fallen on hard times, though some sources claim Tuzman has not been with the company since April 2012 and only remains listed as a CEO. Even as a pink sheet, the company may be among the most promising and make a fortune for itself in the new year, as it currently trades below 50 cents, a far cry from historical prices reaching $16. At the beginning of 2013, Kit Digital holds the following financial assets and liabilities: $30,562 cash $357,063 current assets $125,336 current liabilities $103,895 net loss In the past, the KITD ticker has been used probably as a record-booster for professional mailer Pennyomega.com , mentioned on the side in a $10,000 campaign for Biosystem US, Corp. ( OTC:HAIR ). Since the late summer of 2012, the HAIR ticker crashed to a faction of its promotional value. Pennyomega.com is a trader with a long promotional history, aiding the HAIR pump and many others, while from time to time signaling for a more solid ticker to improve its record. KITD may attract investors with the promise that the storm has blow over and from now on only good times would follow. But the de-listing caused significant trouble, and now shareholders who purchased stock between may 19 2009 and November 21 2012 started a class action suit against the company, with losses exceeding $100,000. The stock fell dramatically in the summer as well when the company announced it would withdraw from the Czech stock exchange as well. Kit Digital changed identities twice in its history through restructuring, so another name change may be possible and a promotion to follow. If this happens, it's best to keep in mind the fundamental activity of the company to avoid falling for artificial hype. The KITD stock added more than 9% on Tuesday's trading and almost doubled its price since December 24th, but it has shown potential for panicked selling on bad news and deep losses within a day. It is best to watch closely and estimate your own taste for risk before buying into the renewed KITD hype.
Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here