73810387
74053940
:
Because this is not a genuine business entity. It is a stock listed on exchange just to manipulate the price and operate a pump and dump scam. Hence the authorities (read regulators in the US, EU and Canada) have issued a notification to all the brokers asking them to not allow trading in such stocks. Remember, this company has only 7 employees and the stock is on fire for no reason. It's a huge red flag. Consider yourself lucky that you're not able to buy this stock.
73810387
OPuthetrilili
:
That's correct. By the way, all those scammers are a part of the same syndicate. Basically, they encourage their victims to buy this penny stock at 50x or 100x the actual value. And then once they reach their target revenue, they'll dump one day and bring down the price to pennies. Victims will hold on for a few weeks or months and then they'll sell out of frustration. That's when these scammers buy back their stock in pennies. And then after a few months, the pump and dump cycle starts again.
$Wellchange (WCT.US)$ There are 46.2 million outstanding shares and the insiders own 83.7% of those shares. You are always given a purchase price which is less than the current price and your order gets fulfilled too. Miracle? No, the insiders are selling you at that low price. One fine day one of the insiders will dump 25 million shares and it will come down crashing. Other share holders will never get a chance to sell their stock and all they can do is just watch their inves...
73810387
OP72839823
:
Yes, sell while you can. Once they dump, the price will go to 0.4 or even 0.3. And then if you hold it hoping it to go back up to 2.0+, that's never going to happen. They'll wait for each and every victim to sell and take a huge loss. If people don't sell, they're never going to let the price rise again. There are many such examples of people being scammed by pump & dump. RETO, SEHK 1069 and many more.
Wellchange Stock Forum
This information is on moomoo as well.
There are 46.2 million outstanding shares and the insiders own 83.7% of those shares.
You are always given a purchase price which is less than the current price and your order gets fulfilled too. Miracle? No, the insiders are selling you at that low price.
One fine day one of the insiders will dump 25 million shares and it will come down crashing. Other share holders will never get a chance to sell their stock and all they can do is just watch their inves...
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