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ProElite’s stock crashes back to Earth

After jumping from $2.50 per share to $8.00 a share on Friday, ProElite’s stock (PELE.PK) fell $5.25 from $8.00 to $2.75 per share on Monday. The volume for the day was just 3,000 shares, making it likely that just one investor sold his or her shares in the company.

In other company-related news, according to ProElite’s 8-K extension request submitted to the Securities Exchange Committee, the company will be filing its second quarter report today. We’ll have more details once the report becomes available.