Shares of MecklerMedia Corp (OTCMKTS:MECK) are trading down significantly this afternoon after the board of directors voted to Dissolve the company and liquidate all its assets. This is bad news for shareholders as the company believes that the proceeds from the sale of assets will almost entirely be used to repay creditors, leaving shareholders with little to no funds for recovery.
The company was responsible for running a variety of tradeshows pertaining to 3D Printing, Bitcoin, and Robotics, many of which had been growing year after year. The decision comes after the CEO and founder of the company, Alan Meckler, has been having health issues.
“We are extremely disappointed to suspend operations but the market for our trade shows has not developed as fast as we expected it would,” said Mr. Meckler. “At this time, the Company continues to work with its financial and legal advisers and is considering various methods of liquidation, all in an effort to maximize the value of Company assets.”
The stock has fallen 91.67% or $0.165 following this negative news, hitting $0.015 per share. About 629,343 shares traded hands or 11937.93% up from the average. MECK has declined 63.27% since May 19, 2015 and is downtrending. It has underperformed the S&P500 by 61.00%.
Mecklermedia Corporation, formerly Mediabistro Inc., is a producer of global trade shows and online publications covering 3D printing, Bitcoin/Blockchain and service Robots. The company has a market cap of $115,903. The Firm is the producer of conferences, including Inside 3D Printing Conference and Expo, Inside Bitcoins and AllFacebook Marketing Conference. It currently has negative earnings. The Firm offers trade shows, which include Inside 3D Printing Conference and Expo, Inside Bitcoins, and RoboUniverse Conference and Expo.