The reason for the delay is most likely not enough have voted to form a quorum. Kirk would not have a vote unless he has bought shares on a personal level. The shares haven't been issues to him yet for the merger and those shares would be issued after the cutoff date for voting. The cutoff was just before all of us received our packets for the annual meeting. I voted with the board on everything except the incentive plan. 2.5 million shares, over 10% of the outstanding shares was a little too steep.
It has been fun (for me) watching the panic and emotions run high. "OMG, the company is doing great but the stock went down! Ahhhh!" (Jump out window....splat). Everyone is different and has their own style, but it always amazes me that so few see the big picture. Day traders buy in and sell out quickly. They make or lose pennies and provide liquidity. No problem there. It's the in-betweeners that get caught up between being long and day trading. They buy, hope to make a relatively quick profit, and sell. When the market doesn't agree they bash the company instead of themselves and the vagaries of the market. Having been in the market for 20 years I have the experience to know that short and mid-term valuations can be extremely out of touch with the reality of the underlying company. Recently, tech companies have been extremely overvalued (twitter, go-pro, and the non-public unicorns among others) and are now correcting. We are at the undervalued end of the market for a several reasons:
1. We are in the energy sector, which has been hammered due to oil prices. The solar sector especially so due to the investment vehicles known as "Yieldco's" (look them up). These amplify movements up and down in the market and have amplified the sectors downward trajectory.
2. We are lumped in with the leasing companies right now. Our business model is unique for a public solar company and has not hit critical mass in the market.
3. The big one. We are a micro-cap right now. Big guys can't touch us leaving the stock price at the mercy of individual investors and day traders, hence the big swings. Once we hit $100m market cap (and stay above) and become a small cap, things will start to change in the valuation and the way SLTD trades. At that point, we also should be above $5/share, which is the magic number for mutual funds. Once we cross those thresholds, our valuation will go from undervalued to valued with periods of overvalue. Watch out because this will happen fast.
When this will happen, no one knows. In the mean time, while the market is having a BOGO sale on SLTD, I have been accumulating like a madman (Bucky posted back in August about a huge buy order that he saw hit - that was me and not the only day that happened). I just don't see another company with as good a story. We are in the sector that is projected to be the fasted growing part of the economy until 2050, with excellent management, a winning business model (already profitable considering we had zero revenue two years ago and no prospects - are you kidding?), and a narrow focus (California and Nevada which should still continue to grow when the ITC expires, hopefully expires that is). If the ITC does expire and the panel market cools, that gives us the opportunity to have some of those assembly lines take a shot at manufacturing our cell. Not counting on it, but nice bonus if it happens. Then, once solar (faster if our cell is feasible, but inevitable regardless) has its cross-over and becomes cheaper than other energy forms, we can spread across the south and expand geographically. Eventually, we can conquer the north as the technology continues to advance and storage tech makes it feasible to go "off grid" everywhere. Looking out 5-15 years, there is so much potential in solar and we are in one of the best companies in the solar market. I don't own a stock. I own a company.
p.s. In-n-Out Burger's posts are the best buy signals ever! Thank you.
