Elephant Talk Communications Corp (NYSEMKT:ETAK) Gets NYSE Acceptance, Up 11.75%
Northern, WI 06/14/2013 (GDPInsider) – Elephant Talk Communications Corp (NYSEMKT:ETAK) is up in early morning trading after getting a moderately strong start at 0.73. The stock closed yesterday at 0.71 which means that today’s start was a good 2.08% improvement on yesterday’s closing performance. The range for ETAK is currently 0.72 and 0.84 off volume of 465,353 – 118.87% greater than average volume of 212,613.
So far ETAK has been moving northwards and is up 11.75% on positive news developments. The company which operates as mobile software defined network architecture vendor in Europe, the Middle East, Africa, and the Americas, has been in talks with the NYSE to regain compliance and clear up a few listing ambiguities.
ETAK announced this morning that the Exchange had notified it of an August 31, 2013 timetable, within which ETAK can regain full compliance based on the NYSE’s listing standards. Investors were treated with more good news earlier when the company announced on June 11, 2013 that it has increased its previously announced to an aggregate $12 million.
According to ETAK, $4.5 million of the $12 million to be raised will come from ETAK CEO, Steven van der Velden. Another $5 million will be pitched in by Crede CG III. Ltd., a wholly-owned subsidiary of Crede Capital Group, LLC.
Steven van der Velden expressed his optimism over the new developments, stating that, “The notice that the Exchange has accepted Elephant Talk’s plan to regain compliance comes in conjunction with the Company’s plan to raise $12 million in equity funding and the $1.5 million of funding the Company received in May. With these important developments, the Company is better-positioned for future progress and growth,” said Velden.
There are 118.22 million shares outstanding in ETAK and institutions own 29% of the stock. ETAK’s market valuation has steadied its RSI at 40.24 and its technical chart shows a moderate slope northwards – a bucking of its southward trend which started mid-May.
How Should Investors Trade ETAK Now? Get exclusive insights and updates here.
WallStreetAnalyzed.com is not a registered investment advisor and nothing contained in any materials should be construed as a recommendation to buy or sell securities. Investors should always conduct their own due diligence with any potential investment. Please visit WallStreetAnalyzed.com website, for complete risks and disclosures.