A tumbling share price can make companies do odd things. If you’re Sona Nanotech (CSE: SONA), evidently one trick of the trade is to release news.. about releasing news. The company put out a press release this morning, to announce the news that the company “expects” to release news next week on its clinical in-field validation study results for its rapid detection COVID-19 antigen test.
The only substance to the announcement this morning, is essentially that the data released next week to investors will be utilized to support the firms submission to Health Canada and the FDA for an emergency use authorization for the test. The company then pointed out that it is currently reliant on third parties and “testing protocols with multiple complex variables.” Effectively, it was Sona’s way of saying “if the news doesn’t come next week, it’s not our fault.”
The announcement of an announcement comes as the company is evidently scrambling behind the scenes following a fall from grace of its share price. While having a fifty two week high of $16.05, the equity is currently free falling, with the equity down $1.78 today alone, or 20.0%, with much of the freefall coming after the terrible release the firm put out this morning.
Evidently, fluff news shakes the confidence of investors.
Information for this briefing was found via Sedar and Sona Nanotech. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.