If you’ve been a Fibertower (FTWR) shareholder the past few years you been through a wild ride of a roller coaster. The stock did a reverse split and hovered around $4 for a while. But it didn’t stay there very long. In January of this year the stock traded for $4.60 a share. Today, the stock is trading for 30 cents a share. Yes, that’s right, the stock is down around 1,233%. The pain and suffering if this kind of die is borderline water board type of punishment. What’s more though, this same type of thing happened a few years ago to Fibertower shareholders. The stock shot up to $3 or $4 a share only to sink down again to the penny stock range.
Here’s FTWR’s stock chart for the past few days. Today was the death knell so to speak, as he was crushed and sunk 63%, closing at .30 a share.
Why is the stock down this time? Well, there’s a long list of reasons: they received a notice of delisting because it failed to timely file its quarterly report; they skipped a $1.3 semi-annual interest payment on 9% senior note; and their Chairman John Kelly resigned. To top it all off, now there’s news that the company has cut its workforce by 40%. The outlook for Fibertower is not good.