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SMX Safety Issues (NASDAQ:SMX) inventory shot up as excessive as 68% Monday after the corporate introduced it was taking motion in opposition to suspected unlawful buying and selling of its shares, which it believes might have negatively impacted its inventory value.
Shares of SMX opened at $0.82, hovering to a excessive of $1.41 in early afternoon. The inventory just lately modified palms at $1.22, up 50% from Thursday’s shut, at roughly 2:00 p.m. ET.
Earlier Monday, the monitor and hint expertise developer mentioned that it has assembled a authorized activity pressure to look into latest buying and selling of its inventory and plans to take authorized motion in opposition to any social gathering discovered to have “triggered the destruction of the market worth of its shares.”
The corporate added it’s was additionally contemplating issuing a particular dividend to assist expose market manipulation and searching for a twin itemizing to discourage unlawful bare quick promoting.
SMX is the most recent firm to launch an initiative to crack down on unlawful quick promoting of in its shares, becoming a member of Genius Group (GNS), Agriforce Rising (AGRI), BriaCell Therapeutics (BCTX) (BCT:CA), Verb Know-how (VERB), Ryvyl (RVYL), Helbiz (HLBZ), Hoth Therapeutics (HOTH) and SciSparc (SPRC).
Based mostly in Melbourne, Australia, SMX is a developer of chemical-based “barcode” expertise that can be utilized to trace and hint objects by way of provide chains. The corporate went public on March 8 following a merger with SPAC Lionheart III.
