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that was a BEAR RAID
#BEARPOLE
IZEA chart shows it
For the record, I have personally never sold a share of stock in 14 years. I hold no preferred shares. You will also see from filings that our board and management have never sold one share. We measure in years not days. The future is ours together. $izea
— ted murphy (@tedmurphy) June 12, 2020
*BUYERS BEWARE!* - Artificial Price Action?
As someone who was studying IZEA and their SEC filings this past Saturday in anticipation of opening a position this week, I came across some interesting excerpts from the most recent 10-Q that led me here to urge my peers that the price action this week smells and feels fraudulent/artificial.
I understand that the "Fortune 500 client" news coincided with the price jump... but who are these new clients/partners, and isn't it suspicious that that news broke to justify the stock price doubling above $1.00 the same day as a soft deadline for continued NASDAQ listing? At the very least, this probably has Short Sellers foaming at the mouth.
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From P. 37 of the 10-Q for period ending March 31, 2020:
SEC Form 10-Q for IZEA
Our common stock is listed for trading on the Nasdaq Capital Market (“Nasdaq”). To maintain this listing, we must satisfy Nasdaq’s continued listing requirements, including, among other things, a minimum closing bid price requirement of $1.00 per share for continued inclusion on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule").
On June 13, 2019, we received a notification letter from Nasdaq informing us that for the prior 30 consecutive business days, the bid price of our common stock had closed below $1.00 per share. This notice had no immediate effect on our Nasdaq listing, and we had 180 calendar days, or until December 10, 2019, to regain compliance. Our common stock had not regained compliance with Bid Price Rule as of such date. Therefore, by letter dated December 10, 2019, we requested an additional 180 days in which to regain compliance, including by effecting a reverse stock split, if necessary.
On December 11, 2019, we received a notification letter from the Listing Qualifications Department of Nasdaq stating that we had been granted an additional 180-day period, or until June 8, 2020, to regain compliance with the Bid Price Rule. Then on April 17, 2020, we received a notification letter from Nasdaq stating that, in response to the COVID-19 pandemic and related market conditions, Nasdaq had filed a rule change with the Securities and Exchange Commission to suspend the compliance period for the Bid Price Rule through June 30, 2020. As a result, we have until August 24, 2020 to regain compliance to the Bid Price Rule.
If at any time during the suspension period through June 30, 2020 or during the remaining compliance period from July 1, 2020 through August 24, 2020, the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of 10 consecutive business days, Nasdaq staff have stated it will provide written confirmation of compliance. If compliance cannot be demonstrated by August 24, 2020, Nasdaq staff will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal the staff’s determination to a hearings panel. We can give no assurance that the Company will regain or demonstrate compliance by August 24, 2020 or that Nasdaq would grant any request for an appeal to a hearings panel.
If we are unable to regain compliance with the Bid Price Rule by June 8, 2020 or if we fail to meet any of the other continued listing requirements, our common stock may be delisted from Nasdaq, which could reduce the liquidity of our common stock materially and result in a corresponding material reduction in the price of our common stock. In addition,
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