Shares of Baltia Air Lines Inc (OTCMKTS:BLTA) are trading down significantly this afternoon, continuing a free fall which began nearly 18 months ago. Over the last year and a half the stock has dropped over 97% from $0.03 per share all the way down to $0.001. Over the last month alone shares of Baltia Air Lines Inc (OTCMKTS:BLTA) have fallen by more than 50% as investors wait for the FAA to give the company clearance to begin flying.
While it seems as if many shareholders had been holding onto hope that the FAA would allow the company to begin international flights as early as next month, it now appears that the source of this information may have been incorrect after a shareholder meeting took place yesterday at JFK Airport in NYC. Although a meeting between Baltia and the FAA on December 16 went well according to the company, there are concerns about both the company’s finances as well as an industry-wide issue with aircraft slides which may delay any decision made by the FAA until after January. In the meantime the company did state that they will likely forego any sort fo reverse split and that they are at the mercy now of the FAA.
The stock has fallen 28.57% or $0.0004 following this negative news, hitting $0.001 per share. About 64.05 million shares traded hands or 209.87% up from the average. BLTA has risen 2333233.33% since May 26, 2015 and is uptrending. It has outperformed the S&P500 by 2333235.60%.
Baltia Air Lines, Inc. is a development stage company. The company has a market cap of $5.65 million. The Firm provides scheduled air transportation from the United States to Russia, and former Soviet Union countries. It currently has negative earnings. Baltia is in Phase III of the FAA Air Carrier Certification.