Integrated Media Technology shares rockets over 1,000% on heavy volume

Shares of Integrated Media Technology Ltd. rocketed more than 10-fold on heavy volume Wednesday, although there is no apparent reason for the rally. The stock soared as much as 1,963% in intraday trade before "paring" some gains to be up just 1,043% in afternoon trade. The stock has been temporarily halted nine times during the session for volatility. MarketWatch called a spokesperson for the Australia-based company, which develops visual technology with a focus on glasses-free 3D display technology, but there was no answer and the voicemail inbox was full. The spokesperson, Adam Holdsworth at PCG Advisory Group, did not immediately respond to an email seeking information or comment. On Tuesday, the company had announced that it appointed PCG Advisory Group as its investor relations and corporate communications agency of record in the U.S. "With our listing on the NASDAQ in 2017, we are moving ahead with expanding our investor awareness in the U.S. through PCG Advisory Group," said Integrated Media Chief Executive Herbert Ying Chiu Lee in a statement. "We are making significant progress with our 3D imaging technology and integrated product lines in the display market through our wholly owned subsidiaries, Marvel Digital Limited and GOXD Technology Limited." Prior to Wednesday's blast off, the stock had tumbled 61% year to date through Tuesday, while the S&P 500 had slipped 0.7%.

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