Shares in fitness tracker CloudTag dropped over 20 percent this morning, after its three-day trading suspension was lifted.
The company made an announcement about the delivery of its next round of products, the name of which will be revealed on their website on Saturday. The product will be officially launched at the CES electronics show in Las Vegas in January.
CloudTag shares rose over 30 percent last week in anticipation of the big announcement, before trading was suspended on Monday.
Shares continued to rise after an announcement on Monday that approval had been given at a General Meeting for the issue of the first part of the Tranche 2 notes to L1 Capital Global Opportunities Master Fund, raising around £900,000 for the business.
However, its European distributor Second Chance Limited will not not now be placing a firm order this year, having decided to focus on orders from its own customers ordering form CloudTag.
This may have led to Friday’s drop in share price, with CloudTag (LON:CTAG) currently trading down 20.75 percent at 8.50 (0910GMT).
CloudTag Track and its associated smart device application range provides personalized, weight-loss and fitness programs based on the latest clinical-grade, wearable fitness monitoring technology.