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Hello w1ldflower.
L2 = Level 2 Quote.
A L2 lets you look "behind the scenes", so to speak, at what is going on under the current BID and ASK. It also gives you a better idea of how much supply and demand there currently is at any given time of the day.
Everyone has to do what they feel is right for them. I am holding and accumulating.
2 years ago, another stock I own crashed to sub-penny after a merger failed. A lot of people bailed and expressed similar opinions as you have. But, many of us held and still believed in the core model. Today, that stock sits at $.70 and continues to rise.
You just never know in penny land.
I came on in December, after the DOJ ruling on online gambling.
IMO, ELRA is still positioned nicely with their online gambling products...as well as their development of apps and FOREX trading products.
While the news on Friday is unfortunate, it is simply a part of building a company. Deals are made and dissolved every day...some for the good, some not so good. Time will tell on this one.
However, if you look at the company overview, this "unwound" deal does not seem to affect their core business model listed below.
"Elray gaming was formed in 2011 when a group of well established and successful Online Casino marketing specialists identified an opportunity: the market need for legally compliant, professional and qualified consultants to effectively manage, market and operate Online Casinos, Financial Products, Bingo Rooms, Social and Fantasy Games."
So, I just picked up a bunch more shares, as I don't think this bit of news changes the long-term outlook.
Hey Z...
Not really sure what to make of it, without the details. But, it appears ELRA has lost their Chairman of the Board who was responsible for "leading the future development and growth of Elray." He is a promoter that was supposed to be a negotiate with the Casinos...so I don't really know how this affects all the previous PRs we have seen this year.
What I do know is that there hasn't been any major deals closed/announced since he joined Elray...so time will only tell if this turns out to be a positive or a negative.
I would hope a PR will be released today mapping out his replacement and immediate plans to move forward.
JMO.