Gateway Industries Director Has No Comment On 18,000% Stock Rally (GWAY)

Benzinga called Gateway Industries

today after noticing a 18,000% rally in the stock price yesterday. Currently the stock is breaking fresh session highs on increased volume, and traders are wondering whether the shares might breach the 52-week highs of $2.97. On the phone, a director of the company declined to comment on the reason for the massive rally, including today's 30% gain from yesterday's levels. When asked about rumors that Robert Sillerman had taken a large position in the company, as mentioned by

, the director said that he had "no idea" what Benzinga staff was talking about. Rumors have circulated that over 90% of Gateway Industries will be controlled by Sillerman when the company completes a transition to a new company, Function (

). This article may include mentions of rumors, chatter, or unconfirmed information. Sillerman is rumored to be responsible for a previous increase of over 10,000% in a former holding. Readers should beware that while unconfirmed information may be correlated with increased volatility in securities, price movements based on unofficial information may change quickly based on increased speculation, clarification, or release of official news.