***** What nobody is talking about *****
I just did some quick research on possible reasons why Elite's stock always has such low volume and why the market cap is not reflective of the company's actual value.
Basically, it comes down to this: We are SCREWED until Elite up-lists to the Nasdaq.
1. Merrill Lynch and Merrill Edge have BANNED penny stocks since late 2018.
2. In 2016, UBS Financial Services created a similar policy regarding so-called high-risk stocks, including penny stocks.
3. Vanguard - Effective April 28, 2022, Vanguard will no longer accept purchases and transfers in of most over-the-counter (OTC) securities.
4. Fidelity - Because of the unique risks of investing in penny stocks, Fidelity customers can only buy and sell penny stocks after acknowledging their understanding of the specific risks associated with trading penny stocks. Penny stock trading at Fidelity is a feature that has to be MANUALLY turned on.
5. Interactive Brokers - “Before you can trade penny stocks, you must request penny stock trading permission in Account Management: click Manage Account > Trade Configuration > Permissions, select Penny Stocks, and then acknowledge our Penny Stock Disclosure.
6. For those brokerages who do allow penny stocks, most if not all of them charge a commission fee, yet another deterrent to buying penny stocks. Purchases of stocks on the Nasdaq or NYSE are 100% free, and have been for several years now.
Conclusion: Elite needs to up-list to the Nasdaq IMMEDIATELY. Shareholders are SCREWED until this happens REGARDLESS of any good news coming in the future.
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