AmpliTech (NASDAQ:AMPG) stock is falling on Friday after the company provided a late quarterly filing notice to the Securities and Exchange Commission (SEC).
AmpliTech says the reason for the late filing concerns its trading of digital currency during the quarter. That includes $3.25 million worth of crypto that it no longer has access to. The company says this is due to its working with a potentially fraudulent custodian who no longer exists.
AmpliTech says that it’s working to recover the lost funds but currently expects to report them in its upcoming earnings report. That would result in a net loss of $4.7 million as compared to its net loss of $582,000 for the first quarter of 2023.
AmpliTech plans to file its quarterly report within the timeframe provided by Rule 12b-25 of the Securities Exchange Act of 1934. It also notes that its systems, records or other assets weren’t affected by its crypto investments.
AMPG Stock Movement on Friday
AmpliTech stock is seeing heavy trading on Friday alongside its late quarterly filing notice. This has more than 60,000 shares of its stock changing hands as of this writing. While that may not seem like much, it’s more than double the company’s daily average trading volume of about 22,500 shares.
AMPG stock is down 34% as of Friday morning.
Investors looking for more of the most recent stock market stories today are in luck!
We have all of the hottest stock market news available on Friday! A few examples include what’s happening with shares of Akanda (NASDAQ:AKAN) and Fangdd Network (NASDAQ:DUO) stock, as well as the biggest pre-market stock movers this morning. All of this news is available at the following links!
More Friday Stock Market News
- Why Is Akanda (AKAN) Stock Up 164% Today?
- Why Is Fangdd Network (DUO) Stock Up 288% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
