This is what this company ALWAYS does. Uninformed retail buyers get lured into paying outlandish prices for this stock without doing any serious DD. They get burned every time. Professional Con men buy loads of stock at cheap prices, pump it up on vapor non-news, then sell it to retail buyers while shorting at the same time. This is what you are seeing now before your very eyes.
I said as much in a post yesterday which was met with much negativity from the giddy longs who think they're about to strike gold. I've watched this stock on and off for many years and the outcome of every spike is the same pump and dump. Took some short today above 7.40 with a tight stop. Momo is losing strength and I expect to be adding short shares in the near future. I have no ill will towards those who bashed my post, we are all merely posting an opinion.
they almost always spike the price like this just before announcing a private placement or secondary offering. This company burns cash at a rapid rate and must periodically rape the market to secure funds to continue.
I've shorted this dog many times over the years whenever it gets above $7 and have never lost.