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However, IMTE’s stock price has declined 6.6% over the past three months and 6.8% over the past month to close yesterday’s trading session at $3.95. The company’s shares soared to hit their 52-week high of $10.67 on March 23 based solely on social media discussion about its potential connection to the non-fungible token (NFT) craze.
In addition, the company’s operating loss in its fiscal year 2020 declined to $6.15 million from an $11 million loss in 2019. Its net loss came in at $10.03 million in its fiscal year 2020 versus $15.65 million in the prior year. IMTE is also raising funds by selling its shares to support its growth. So, its near-term prospects look bleak.
