iQSTEL, Inc. (OTCQX: IQST) Is Not Alone In Investigating Activities Of ‘Naked Short Sellers’; Newly Created CEOBLOC Organization Is Made Up Of CEOs And Other Executives Of Publicly Listed Companies Seeking To Counter Naked Short Selling And Other Allegedly Illegal Trading Practices
iQSTEL, Inc. (OTCQX: IQST) is not alone in investigating activities of ‘Naked Short Sellers’ and their impact on share pricing. The newly created CEOBLOC Organization is made up of CEOs and other Executives of publicly listed companies seeking to identify and counter’ Naked Short Sellers’ and investigate other allegedly illegal trading practices. iQSTEL, Inc. (OTCQX: IQST) announced yesterday it has entered negotiations with a well respected and specialized firm to identify and counter the actions of ‘naked short sellers’. The IQST Independent Board of Directors 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 covered are trends by semiconductor manufacturers Qualcomm (NASDAQ: QCOM), Qorvo (NASDAQ: QRVO) and Skyworks Solutions (NASDAQ: SWKS), among others.
Naked Shorting is the allegedly illegal practice of shorting shares that have not been affirmatively determined to exist. Naked shorting refers to ‘short pressure’ on a stock that may be that may be larger than than the actual trading shares. Ordinarily, traders must first borrow a stock or determine that it can be borrowed before they sell it short.
The CEOBLOC organization was launched earlier this year to identify naked short sellers and other alleged illegal trading activity. The results can be downward pressure on the pricing value of a bona fide publicly traded stock.
IQST, in response to communications from some of its shareholders concerning the practice of Naked Short Selling and the pricing impact on Company stock, said yesterday it has entered negotiations with an outside firm that specializes in countering Naked Short Selling activities.
In making the announcement, IQST cited by way of transparency 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.
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.
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 operating income for the entire PubCo. this year.
Source: Stock Market Press
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