SEATTLE - Spectral Capital Corporation (OTCQB:FCCN), a technology startup accelerator and quantum incubator, has responded to an inquiry from OTC Markets Group Inc. regarding the recent surge in its stock price and trading volume.
OTC Markets noted that Spectral Capital's shares on the OTCQB market experienced a significant increase from approximately $0.62 on June 24, 2024, to an intraday high of $5.14 on July 11, 2024.
The company has made several announcements in the weeks leading up to the surge, including a share exchange agreement, commencement of trading on the OTCQB, the appointment of new directors, and the launch of its Quantum (NASDAQ:QMCO) Bridge Program. Spectral Capital has reviewed these materials and believes none were materially misleading or false.
Spectral Capital became aware of the increased stock activity on June 25, 2024, but has not confirmed whether these announcements had a material impact on its stock's trading. The company has disclosed all transactions of its securities by insiders during the past 90 days, noting that Chad McLeaming purchased 142,376 shares at varying prices during this period.
The company also stated that none of its officers or directors have engaged third-party service providers for investor relations or marketing services in the past three months, except for Joyful Group Holdings Ltd, which is contracted to promote the company’s technology products.
Directors Sean Michael Brehm and Paul Breitenbach have communicated about the company's offerings through social media and press interviews, which the company asserts were not misleading.
Spectral Capital emphasizes to investors and potential investors that it is an early-stage issuer and that the economic potential of its business has not been established. It may not be able to achieve its growth objectives in the near term or at all. The company encourages investors to review its public filings for risk disclosures and consult with investment advisers before investing.
The information in this article is based on a press release statement from Spectral Capital Corporation.
InvestingPro Insights
Spectral Capital Corporation's (OTCQB:FCCN) recent stock performance has caught the attention of many investors, with a remarkable 1 Month Price Total Return of 769.28% and a 3 Month Price Total Return of 10,212.5%. These figures suggest a significant bullish trend in the short term. However, it is essential to consider that the company's Market Cap stands at 238.07M USD, indicating it is still a relatively small player in the market.
Investors should note that the company's Price to Earnings (P/E) Ratio is deeply negative, recorded at -1430.72 for the last twelve months as of Q1 2024. This could imply that the company is currently not profitable, which is not uncommon for early-stage technology startups.
Moreover, the InvestingPro Fair Value is estimated at 2.35 USD, which is considerably lower than the recent closing price of 4.95 USD, suggesting that the stock might be overvalued at its current level.
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