Tautachrome Inc (OTCMKTS:TTCM) shares were up 4.74% on Friday to $0.099 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.0 to $0.05. The company has a market cap of $70.91 million at 3.00 billion shares outstanding.
Tautachrome Inc is a company that operates in the Internet applications space. It is engaged in pursuing three avenues of business activity: technology-based business development and monetization, Smartphone application development and digital design, and acquisition of revenue-generating smartphone applications. Its KlickZie Activation Platform will enable consumers to download KlickZie’s free camera upgrade software into their mobile device, which thereafter activates the pictures and videos taken by their device using KlickZie technology. Meanwhile, its Smartphone application development and digital design business activity will be conducted by Polybia Studios.
Earlier this year, Tautachrome Inc had been unable to release its quarterly financial statements largely due to the complexity of transactions then. Last month, CEO Jon Leonard announced that the company is ready to release these reports after working diligently with auditors to keep its filings current.
Bringing Tautachrome’s financial statements current is the first of many steps that we will be initiating in order to set the stage for the rollout the company’s flagship KlickZie technology. I appreciate the patience of our many TTCM shareholders. I will endeavor to keep them updated with the progress of TTCM as we move the company forward. Our immediate objectives are to secure necessary capital, increase shareholder value and improve investor awareness,” Leonard stated in the press statement.
Last week, Tautachrome Inc announced the designation of 13,795,104 shares of Series D Convertible Preferred Stock to be issued in exchange for the retirement of 1,379,510,380 shares of Tautachrome common stock. Under the terms of this exchange, every 100 shares of common stock retired will be exchanged for one share of the new Series D preferred stock for the company’s insiders. However, voting power of the participating insiders as a group and their relative voting powers as individuals will remain unchanged.
These Series D shares will automatically convert into 100 shares of common stock after five years, subject to the right of each holder to convert earlier upon the occurrence of certain specified events, such as the stock trading at a price of at least $3.00 per share for five consecutive trading days. Another event is a listing on either the Nasdaq or the NYSE stock exchanges, which would then convert these shares to 110 shares of common stock.
Both these scenarios reflect bullish expectations by management, which would then benefit holders of these preferred shares on foreseen progress by Tautachrome Inc over the next five years. Although this exchange is only open to company insiders, it could represent plenty of upside for publicly available shares, possibly even going past the $3.00 level or being listed on the NYSE within the five-year period.
On the pair’s daily time frame, it can be seen that Tautachrome Inc stock already broke below the long-term descending trend line connecting the highs since December last year. Also, volume picked up considerably to indicate a surge in investor interest, possibly with buyers lining up to have a stake in the company even before its financial statements are released. There has been no official date on this release yet, which should give bulls sufficient time to establish their long positions.
DISCLAIMER: There is a substantial risk of loss with any speculative asset, especially small cap stocks. The opinions expressed are those of the author, and do not constitute recommendations to buy or sell a stock. Do your own research before committing capital.