iQSTEL, Inc. (OTCQX: IQST) Enters Negotiations With Specialized Firm To ID And Counter Short Sellers; Leandro Iglesias, CEO, Says Company Seeks To Identify Illegal Activity Of ‘Naked Short Sellers’ As Shareholders Express Concern That This Practice Is Impacting Share Price Of IQST
iQSTEL, Inc. (OTCQX: IQST) announced today (March 27, 2023) it is entering negotiations with a well respected and specialized firm to identify and counter the actions of ‘naked short sellers’. The IQST Independent Board of Directors has instructed management of the Company to address the concerns of some of IQST’s shareholders saying (alleging) some ‘bad actors’ have utilized the practice of ‘naked short selling’ and the IQST share price ‘is suffering the impact.’ In response to these concerns, Leandro Iglesias, IQST CEO, says, “If we identify illegal activity we will address that activity in court to defend our company to the fullest extent of the law. We are not blazing a new trail in the fight against short selling. We will be following in the footsteps of proven tactics against short sellers.”
Stock Market Press is reporting on the fast growing telecommunications market by keeping readers up-to-date on such company stocks as iQSTEL Inc. (OTC: IQST),Verizon (NYSE: VZ), AT&T Inc. (NYSE: T), T-Mobile US (NASDAQ: TMUS), Sprint (NYSE: S), Ericsson (NASDAQ: ERIC) in 5G networks. Also cov-ered are trends by semiconductor manufacturers Qualcomm (NASDAQ: QCOM), Qorvo (NASDAQ: QRVO) and Skyworks Solutions (NASDAQ: SWKS), among others.
The specialized firm the Company is negotiating with has a reputation for finding and countering naked shorting issues, IQST says. It cited the OTC Short Report in saying that short selling ‘has exceeded’ 50% of the IQSTEL daily trading on more than one occasion in the past month. OTCShortReport aggregates REGSHO data reported by FNRA.
IQST also cited the HBO documentary Gaming Wall Street and the MarketWatch article ‘’Why Short Selling HAs Recently Become A Hot Topic’. IQST also says that prominence of short selling became a high visibility topic when a crowd-sourced ‘short squeeze’ catapulted the share price of GameStop. GameStop’s short selling subject was recently featured in the HBO documentary.
“We have received communications from our shareholders expressing concern that the IQST share price is suffering the impact of naked short selling,” says Leandro Iglesias, CEO of IQST. “In response to these concerns, the IQSTEL Independent Board of Directors has authorized management to act accordingly. Management has entered into negotiations to engage a well respected firm in matters of naked short selling.”
He says that the firm, subject to finalizing an engagement agreement, would then ‘perform a deep analysis of the naked short selling in IQST to identify any specific bad actors.
Increasingly, other publicly-held firms are meeting with authorities to discuss data details of how ‘naked short selling’ practices are having an impact on the selling price of their shares, industry sources tell Stock Market Press. Those meetings are ongoing.
iQSTEL, Inc. (OTCQX: IQST) operates in international telecommunications, Fintech globally, Electric Vehicles and in its newest venture — The Metaverse Dision. The Company has completed some 10 acquisitions since June 2018 and continues to develop an active pipeline of potential future acquisitions.
IQST forecasts its organic business revenues will reach its financial objectives of $105 million in 2023 . It also has announced its goal of positive consolidated op-erating income for the entire PubCo. this year.
IQST reported a 25% increase in Telecom Division’s $16.4 million (unaudited) revenue 2023 YTD through February 28, compared to $13.1 million for the com-parable period in 2022. Leandro Iglesias, CEO of IQSTEL, says the Company is already realizing 25% growth YTD through February 28. That increase is a good omen for IQST’s organic revenue — even prior to its new joint venture meta verse business. Management of the Company is confident that IQSTEL is on track to report Positive Consolidated Operating Income in 2023 for the entire PubCo.
Operational streamlining and the anticipated benefit from IQSTEL’s newer lines of business will benefit the Company from its Electric Vehicles, Fintech and Internet of Things (IoT) Divisions. Iglesias says the Company’s EV and Fintech divisions are expected to generate new profit streams this year. The Company says its telecommunications division is already profitable.
The new business of IQST’s recently-formed Metaverse Division would be in ad-dition to its organic revenues, the Company says. iQSTEL, Inc.’s (OTCQX: IQST) new Joint Venture in the Metaverse with GOTMY is a marriage of proven tele-communications solutions in the financial, mobility and communications fields with the unique opportunities of the virtual reality meta verse. These new strategies in the giant Metaverse means new revenues for IQST from client product branding, special events and ‘white label’ solutions resulting in additional sales for IQST. The Metaverse is valued at $426.9 billion by 2027, MarketsandMarkets™ finds.
It says the met averse is growing at a CAGR of 47.2% from its valuation of $61.8 billion in 2022. In its new 272 page research report, MarketsandMarkets™calculates exponential growth. For iQSTEL, Inc.’s (OTCQX: IQST) newly-created IQST’s Metaverse Business Division, the Company seeks to create new revenue and profit-making streams with a single met averse package platform. Jose Enrique Puente, CEO of GOTMY, has also been named CEO of the new JV Division. The first task next quarter is to complete a graphic design upgrade and launch. This is a special marriage of met averse and telecommunications.
By marrying the virtual reality of the meta verse with real-life solutions in these key areas, IQSTEL and GOTMY together will develop new profit streams for IQST in 2023 via the met averse. Meta verse client branding, client special events and customer online product selling are just some of the new opportunities that lie ahead.
Leandro Iglesias of IQSTEL says the meta verse may be as big as the internet itself, IQST’s management believes. IQSTEL’s management says that the Metaverse will become as ubiquitous as the Internet serving as a standardized gateway for all content, products, services and customer support services. Iglesi-as sees new revenue streams for IQSTEL.
Source: Stock Market Press
Join Stock Market Press’ newsletter for the latest in IPO, market commentary and compa-ny profiles.
Stock Market Press is a financial news company that delivers up to date stock news, introduces private and public companies to a wide audience of investors, consumers, journalists and the general public via social media and a rapidly expanding network.
Stock Market Press
110 Wall St.
New York, NY 10005 firstname.lastname@example.org Safe Harbor Statement:
Statements in this news release may be ”forward-looking statements.” Forward-looking state-ments include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projec-tions about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ mate-rially from what is expressed or forecasted in forward-looking statements due to numerous fac-tors. Any forward-looking statements speak only as of the date of this news release and Stock Market Press undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
See Stock Market Press disclaimer: https://stockmarketpress.com/disclaimer/ SOURCE: Stock Market Press