Epic Stock Picks and its associated outfits organized a pump for Cherubim Interests Inc (OTCMKTS:CHIT) this week. The pump, which cost $20,000, was launched before the opening bell, and, in typical outfit way, it was done using the emails and social media platform.
However, the stock failed to gain any momentum and declined more than 8% to close Tuesday session at $0.043 per share. The decline extended in the following two session as the stock dropped more than 4% yesterday to close at $0.0220. Moreover, the decline came at a massive share volume of 6.78 million compared to average monthly share volume of 188,729.
The failure
The performance of Cherubim stock on the chart clearly indicates that promotional campaign turned out to be a complete failure. Mere hours before the tweets and emails started coming, the company released a PR which stated that in addition to the real estate operations they currently have, the company intend to enter into the growing legal marijuana industry. To say simply, they want to change their business plan.
It is nothing new for company as over the years, Cherubim has went through name changes and even it has been experimenting with different businesses including selling food, pumping oil and a few other initiatives. However, neither of these business plans worked for the company.
The performance
Heading Cherubim into the new uncharted territories is company’s CEO, Mr. Patrick Johnson, and it will not be wrong to say that he has been in the industry since long time. He has been associated with Victura Construction (OTCMKTS:VICT) and DoMark International Inc (OTCMKTS:DOMK).
Like Cherubim, these OTC firms have experiment with different business plans, but they too failed in achieving anything significant. As per the last report, the company generated no revenue and didn’t record any assets. The operating loss in quarter was $289,196.
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