Friday, June 24, 2022

Root9B Holdings Inc (NASDAQ:RTNB) is a Short-Term Play Only

Root9B Holdings Inc (NASDAQ:RTNB) has been going through a short squeeze on the market since the company announced a possible downsizing from foreclosure. RTNB came out on the wrong side of some litigation and now owes a hefty amount that it can’t pay without some moving around.
What followed was that during trading on the 22nd of last month RTNB ran up to the tune of 236% before having its shares halted. The company closed out the day at just shy of three dollars a share having opened the week for less than one dollar.
Root9B Holdings Inc (NASDAQ:RTNB) is engaged in providing cybersecurity, business advisory services principally in regulatory risk mitigation, and energy and controls solutions. The Company helps clients in various industries to provide cyber operations and solutions, mitigate risk, comply with regulations, and leverage and integrate technology. It operates through three segments: Cyber Solutions, IPSA International, Inc. (IPSA)/Business Advisory Solutions, and Energy and Controls Solutions. The Cyber Solutions segment provides cyber security and technology training capabilities, operational support and consulting services. The IPSA/Business Advisory Solutions segment delivers solutions in both regulatory compliance and risk mitigation. The Energy and Controls Solutions segment works with its customers to assess, design and install processes and automation. Its services include cyber operations assessments, forensics, exploitation and defense planning.
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The stock has been squeezed by shorts looking for a quick turnaround. This is still going on and most investors are not seeing the stock as long-term option, but just a little rip followed by a quick exit. So, if you have not been in on this one yet, you may want to read the volume and trading carefully.
Here is more about the moves that led to this:
On August 18, 2017, the Company filed a Current Report on Form 8-K disclosing that the Company received a foreclosure notice from the Agent and that, to satisfy the Company’s outstanding secured indebtedness, the Agent intended to sell substantially all of the assets of the Company at an auction to conclude August 31, 2017 (the “Sale Date”).  This same filing noted that in the event the auction concludes with the sale of substantially all of the Company’s assets, the value of the Company’s securities would decline dramatically or become worthless. There has been no change in the foreclosure proceedings.
“While the Company is continuing its efforts to secure additional working capital and obtain waivers from the secured creditors it is unaware of any developments or information that would account for the significant volume of trading in our shares,” said Eric Hipkins, RTNB’s Chief Executive Officer.
Root9B Holdings Inc (NASDAQ:RTNB) has an $11.38M market cap with 6.10M in outstanding shares. The stock is trading at close to $2 and needs to be watched carefully. We will be providing updates on this stock as trading continues to volatile. Sign-up for continuing coverage on shares of $RTNB stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: We hold no position in $RTNB, either long or short, and we have not been compensated for this article.

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