MICT Inc (MICT)

[snakess]

the surprise is on us maybe. On or about July 31st mict filed a S-3 that allow them to raise money -up to $30 mil. Not uncommon for company's to have S-3 in place to raise money if needed without having to refile .
As noticed the stock has been trending lower and lower for a period of time so the company in my opinion has been selling paper to raise money because of recent contracts and anticipating additional contracts so they need green. The company knew the recent news about their large 4.3 mil contract and the impressive backlog and yes new business headed their way because of regulations.
So the new came out and we spiked because the new was great!
The ran to 1.35 from .85 in an hour and then trended down and closed @
$1. on 6 mil + shares. today was on 800k shares and the stock ran down to .80
So the seller in my opinion has most likely sold the allotment. An S-3 only allow 20% of the total outstanding - This amounts to about 1.4 million shares. I assume that when he is finished this stock will firm.
Now next week mict will release ER. If the numbers are good we rally.
If they get another contract we rally. If the decide to split the company into 2 we rally. if they are optimistic we rally.
Yes there is pain by some time that will turn into gain.
Players loved it as it ran up and now hate because they can buy it .50 below the recent high. Go figure.
This stock is extremely cheap and has gotten even cheaper.