Pinnacle Has No Explanation for Stock Spike
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After watching the price of its stock spike last week on extremely heavy trading, Irvine-based Pinnacle Micro on Wednesday issued a statement saying it “has no explanation” for the activity.
The company’s stock went from 16 cents last Thursday to 40 cents on Friday in heavy Nasdaq trading of 316,300 shares, nearly seven times its average.
Pinnacle stock has since fallen back, closing Wednesday at 20 cents, down from Tuesday’s close of 22 cents.
The data storage systems maker said that its liquidity remains severely constrained and that it continues to look for long-term financing.
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