Today is a very special day friends, it marks an all time low for Steve Rouhandeh and Mark Ahn‘s reverse merger mega stinker Abeona Therapeutics (ABEO).
Steve, a well known stock promoter (see this great piece by Aaron Elstein here) somehow transitioned from hawking dot-bombs to bio-turds. Mark Ahn of Galena infamy hardly needs an introduction.
For those unfamiliar with their latest sinkhole, Abeona started life way back in 1974 as Chemex Corporation. In 1983 it became Chemex Pharmaceuticals. In 1996 it became Access Pharmaceuticals. In 2014 it became PlasmaTech Biopharmaceuticals, In 2015 it finally became Abeona. Here’s a stock chart going back as far as Bloomberg has data:
Please note the all time low, $1.89 is today (23 August 2019), the all-time high was $218,000 back in 1981. That is impressive value destruction. Well done SCO (and Mark).
Always remember Maxim 1: ALL REVERSE MERGERS ARE SCAMS. ALL OF THEM. EVERY SINGLE ONE. IN ONE WAY OR ANOTHER.