Namaste Technologies stock briefly halted due to volatility

It’s been busy times for Namaste Technologies Inc (CVE:N) (OTCQB:NXTTF). It’s become the target of famed short-seller Andrew Left of Citron Research. On Monday, its stock soared 23% on the back of little to no news, as it is currently in a quiet period. On Tuesday, it triggered a single-stock circuit breaker stop: meaning the stock was moving so wildly, it was halted, albeit briefly.

Not only that: other companies are jumping on its name bandwagon, with Zenabis Global Inc announcing Tuesday the launch of “Namaste” – a comprehensive suite of adult-use recreational cannabis products.

Needless to say, Namaste Technologies has had quite the ride in recent weeks.

Let alone the last year: Namaste’s 52-week high was at C$4.40, its low this year at C$0.20.

Simply put: that is a wild swing, to say the least. 

READ: Feud between Namaste Technologies and short-seller Andrew Left of Citron Research escalates

On Monday, shares soared 23%, on Tuesday shares were down 10.3% at US$1.95 in New York and down 12.1% at C$2.48 in Toronto. 

Namaste has made headlines recently, as Andrew Left of Citron Research has come out against the company, stating that he believes the cannabis e-commerce platform is a “fraud.”

Namaste responded and said it was prepared to fight the accusations:

“The company is prepared to pursue any legal remedies it deems necessary to protect its rights and its reputation and shall continue to respond strongly to false and defamatory statements such as those mentioned in these publications,” it said in a release last week.

“Citron is engaged in the practice of short-selling securities for its own financial gain. Citron has previously published false and misleading information in respect to the company as a means to manipulate the company’s share price. Citron has also targeted other Canadian companies in the cannabis sector.”

Story by ProactiveInvestors