Nilam Resources’ shares gained a blistering 1700% after announcing it would buy 24,800 Bitcoin. Some say it’s a “marketing stunt” from a dying penny stock.
Nilam Resources, a micro-cap company that touted plans this week to acquire $1.7 billion worth of Bitcoin (BTC), has been flagged as a “public interest concern” amid a meteoric 1,500% share price surge on Tuesday.
OTC Markets Group, the firm that runs OTC Pink, a platform for over-the-counter stock trading, currently labels Nilam Resources (NILA) as “Caveat Emptor” — a designation it hands down to companies it deems worthy of “buyer beware.”
“OTC Markets Group has determined that there is a public interest concern associated with the company, which may include a spam campaign, questionable stock promotion, known investigation of fraudulent activity committed by the company or insiders, regulatory suspensions, or disruptive corporate actions,” the firm explains in its label glossary.
