It’s been a rough December on Wall Street. Most stocks have taken a big hit, marking the worst December for stocks since the Great Depression. There are various things contributing to this, and it would be naive to pin it on one specific thing. Today, we’ll highlight a tech penny stock that is falling dramatically on the TSXV.
Patriot One Technologies Inc. (TSXV:PAT)
Patriot One Technologies is a tech company based out of Vancouver, British Columbia. The Canadian-based tech penny stock has had a phenomenal six months. Its signature PATSCAN CMR machine has taken off this year and received a recent initial order from a company in Florida.
The PATSCAN is a cognitive microwave radar detection system. It alerts businesses and companies of a concealed weapon on anyone that passes by it. The detection system is aimed at preventing active shooters and stopping the threat before it takes place. The PATSCAN is made to be placed in public and private entrance points.
On December 6th, Patriot One announced that Smart CT Solutions, out of Miami, Florida, purchased $287 thousand USD worth of PATSCAN systems. This caused the tech penny stock to jump up on the market.
“We’re eager to support our only Florida authorized reseller Smart CT Solutions with these paid trial deployments of our PATSCAN technologies with their clients,” said Martin Cronin, Patriot One Technologies CEO and President.
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He continued:
“Over the past year, our engineering and business development teams have been working closely with Roberto Gonzalez and Smart CT Solutions to introduce our threat detection solutions to their clients. Today, we are excited to begin installing these solutions with the shared goal of detecting threats before they become tragedies.”
Despite the positive news from the company a few weeks ago, the tech penny stock is dropping dramatically today. It may just be a result of a dropping stock market overall.
Tech Penny Stock Movement
According to Yahoo, PAT is currently trading at $1.79 a share, down -$0.11 (-5.79%).
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