Bid ALL back in .002's FELL OFF CLIFF AGAIN
0.0028 / 0.0032 (20000 x 18481)
Bid is paper thin again- all in the .002's again, down to .002 where there's 675K block parked now, HOLY COW !! Falling Bid, falling Ask again.
By the time they manage to get their massive 1000:1 R/S split approved and done- this might be at $1 BUCK, aka .001 the way things are going. Probably $2 bucks and some change post split- if they get it approved and passed and implemented. It'll rapidly be back below $1 buck a share (aka .001 pre split) IMO, I don't see how it would be otherwise?
As pointed out yesterday by another poster- would not be surprised to see them sell a big chunk (I personally don't see ANYONE putting up $10 million to this company, but maybe $500K say is possible, maybe IMO) - but that they'd split it, say ending up at $2.50 a share, then rapidly sell a block off to a toxic investor for say $1 buck a share, cutting the price in half in a blink- just for some desperation cash. As the other poster correctly pointed out- it's done ALL THE TIME post these massive R/S reverse splits. Get the price artificially jacked up to above a buck or two using the split, then unload a chunk at a buck or whatever- for some quick survival cash.
Not sure that's gonna work on this one though IMO. They've just got a ton of convertible debt baggage over-hang out there and I don't think those convertible boys (they're smart cookies those hedge lenders) are just gonna let someone run over their shares and positions.
One way or another- the dilution will just keep flowing like water IMO. What else can they do? They'll just be doing more convertible debt deals all over again IMO. Split or no split. It's all they got. They must of tapped out Manga by now and haven't filed a new share registration statement yet to go after more of the $3 million over 24 month credit-line, so maybe that's part of the motive for this split too??? I noticed that Manga was listed in the 8-K under the voted shares in favor of the R/S split. So maybe this somehow allows Magna to then be "tapped" again- as they fall back below the 9.99% limit on ownership per the original prospectus they filed with the SEC back in Nov 2014 or whatever it was? Would have to go back and re-read that and do the math to see if that makes sense?
RED, still in free-fall looks like to me. NO BOTTOM in sight on this one that I can see?
My .0028 or so CENTS worth and falling on the Bid, which is all one will get for their shares if they need to sell um
Posts contain only my amateur opinions, personal views and thoughts. I discuss stocks as a hobby only. Always do one's own due diligence before investing.
