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They filed for bankruptcy
The share structure started about 50 million when they got delisted. Now it’s up to 80 million, the downward movement has to be them selling and issuing shares
In connection with the sale process the Company BIOLASE agreed to comply with certain process milestones which require, among other things, the entry into a purchase and sale agreement with a so-called “stalking horse bidder” by September 30, 2024, filing a bankruptcy case by October 1, 2024, and closing the sale by November 15, 2024.
May happen sooner than you think
https://www.otcmarkets.com/filing/html?id=17822546&guid=_AL-kpxRYyvCJth
SONX is the stalking horse bidder
On August 30, 2024, a wholly-owned subsidiary of Sonendo, Inc. (the “Company”) entered into a non-binding letter of intent with Biolase, Inc. The Company is evaluating the opportunity to serve as a “stalking horse bidder” in connection with Biolase’s potential pending bankruptcy case under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware for the sale of its assets.
The Company has engaged Craig-Hallum Capital Group LLC and Stifel to assist the Company in its evaluation.
https://www.otcmarkets.com/filing/html?id=17840827&guid=_AL-kpxRYyvCJth
https://www.biolase.com/
The consensus EPS estimate for the current year has increased 4.3% over the last 30 days. This means that the Wall Street analysts covering SONX are majorly in agreement about the company's potential to report better earnings than what they predicted earlier.
If this is not enough, you should note that SONX currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. And stocks carrying a Zacks Rank #1 or 2 usually outperform the market. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Moreover, the Zacks Rank has proven to be an excellent timing indicator, helping investors identify precisely when a company's prospects are beginning to improve. So, for the shares of Sonendo, a Zacks Rank of 2 is a more conclusive fundamental indication of a potential turnaround.
https://finance.yahoo.com/news/heres-why-sonendo-sonx-great-135504571.html
That would be great but we would need another catalyst. The reason it moved so hard I think was all the mm’s wanted to get rid of all their shares before the sec rule changed.
They just really began the company deep power 2 years ago but I’m not sure, they too have gone silent.
I think the market is crooked as a whole.
Most CEOs use the public market as a piggy bank
Executives picked up a bunch of shares
Instilling confidence imo
https://www.otcmarkets.com/stock/SONX/disclosure
Hard to tell! If Trump wins the market will probably respond better.
If it is deep power I think the wait will be long
They have a lot of work cut out for them developing the drill, testing and seeing if it works
Yeah I think that’s what has hurt the otc, that and the 2021 sec rules.
I deed, gonna take a couple more rate cuts I think
No got rid of that for a small profit twice thankfully
He’s the man now to help rebuild
https://www.linkedin.com/in/john-bostjancic-6b58243?trk=people-also-viewed_member-name
No telling yet, but it looks like they are going after Biolase’s assets since they filed bankruptcy.
Can’t wait lol
Hopefully has the bottom line improves for the company, analysts take notice
I think like most small companies they are waiting for some rate cuts for cheaper money to ramp things up
They bought up this dental company’s laser patents and put it on the shelf in 2017.
Now in 2023 they assert Biolase infringed on them. Looks like Biolase filed for bankruptcy and are going in for the technology
https://www.otcmarkets.com/filing/html?id=17840827&guid=IlL-knzRuvFAB3h
Looks like they are trying to get Biolase assets.
They sued them last year for patent infringement
https://www.biolase.com/
A stalking horse bidder is a party that makes an initial bid on a bankrupt company's assets in a court-supervised auction. The stalking horse bidder's bid acts as a reserve price to protect the debtor from receiving low bids for its assets. The term comes from a hunting tactic where a hunter hides behind a horse or horse-like figure to get closer to their prey.
Yeah we’ll see. They are still laying low cutting costs increasing sales.
They have to move on news before December 2
They need the price above 10 cents to stay current
Man to expensive for my budget
Gotcha
Who was the lucky dog to get that one share
It’s a smiley face
😀
Volume is incoming
A big institutional holder must be unloaded after getting impatient
Big foot has been seen 😂
The Chad is still alive as of 4 months ago lol
In relation to a business loyal companies is involved with. He is in the purple it appears
https://www.linkedin.com/feed/update/urn:li:activity:7191196378281250816
They have to make a move and stay above 10 cents for ten days late November
To meet the December 2nd deadline otherwise they get moved down to pink sheets
Sounds like it was payback
On August 27, 2024, Roy T. Chen provided notice of his resignation as Chief Talent Officer of Sonendo, Inc. (the “Company”), effective September 6, 2024, to pursue another opportunity. The Company does not intend to fill the vacancy created by Mr. Chen’s departure. Effective with Mr. Chen’s resignation, the Human Resources organization will report to John Bostjancic, Sonendo’s Chief Financial Officer.
I’m betting it was this dude who just left the company
What the hell is going on?
Yeah! I think they are gonna wait till the bottom line improves but they have to trade at ten cents before December otherwise they get bucked down to pink
At some point they have to partner up with someone of merger, I don’t think they can go it a lone back to the big boards.
I just hope retail investors don’t get screwed along the way
OTC usually moves hot once maybe twice year. CEO’S will feel more comfortable releasing info then. I’m thinking better November and April
Yeah the management sucks! Put out some info
Waiting for some money to move back into the otc market
I’m bagging too
Yeah there has to be a reason benefiting the company to let it drop to Em