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AC416 - - - - - - -
What they need to do is get the PPS up over a buck before they even think about a R/S. If they reverse this bad-boy right now, the PPS will just get us over $2.00 ($2.10 to be exact). This isn't even the minimum closing BID price that the NYSE, AMEX or NASDAQ will require for 30 consecutive days to even be considered for listing ($3.00).
And even if they got it to $3.00 a share with the 7-1 reverse split tomorrow, they would have to maintain that minimum closing BID price of $3.00 a share for 30 consecutive trading days. Just one bad day in the market, or a big sell-off, and they have to start all over again.
They need a big, big cushion here and they know it (unless they're F'n retards). As stated earlier, they need to get the PPS up to at least a buck ($1.50 is probably more likely). Only then should they immediately apply the 7-1 reverse. After that, even if there's a huge sell-off, or the entire market tanks, they'll still be able to maintain the closing BID over the $3.00 minimum for the 30 consecutive days.
And the assuming that they have submitted their financials to the NASDAQ, AMEX, NYSE.....and met all the other requirements beforehand, we'll be off to the races in a flash.
CBGB - - - - - - -
Spot on!
Jimbo - - - - - - -
Easy there fella. I'm not a MM, nor have I ever been. If you take a moment and carefully re-read my post, you will see that it was simply an article taken from another website. It was just a cut and paste. I'm just an average joe like you, hoping to offset some loses here, that's all.
Possible reason for the razor thin spread
The BID/ASK spread is tighter than a frog's A-hole. This is starting to annoy the pizz out of me. I wish it would do something......up or down....bad or good. (sorry, I have the patience of a boiling tea kettle).
I got this excerpt from another website. Might very well apply to our situation. Take it with a grain of salt though.
Market Maker Speaks Out: Ways of a Market Maker
I was an OTC MM for about 10 years ending in the late 80's. Since then I have been strictly an investor. Since I have not been that up to date in MM rules I will only make statements that I feel fairly confident are still accurate regarding these activities. By and large most MM don't have a clue nor do they care to learn, about the fundamentals of the stocks they trade.
They just try to make orderly markets. When dealing with BB stocks it is very easy for a MM to get trapped into being short in dealing in a fast moving market. Reason being; most of the MM's in this stock are what are called "wholesalers" this means they don't have retail brokers "working" the stocks.
So they have to rely on what's known as the "call" from larger retail houses. If a "Big" retail firm like an E-trade calls up a market maker to purchase say 5,000 shares of a stock, they expect to get an "execution" from that market maker. If he turns them down, or only gives a partial then the "Big" firm will go to another MM.
If this second MM "fills the order" then that "Big" firm has a moral obligation to continue to give future "business" in that stock to that MM who performed (his life blood). This will go on until he "fails" to perform and so on.
Contrary to popular opinion the "Big" firms Do NOT neccessarily go to the "Low Offer" to fill a buy order (Or high bid for a sell). They "Go" to who they think will perform to fill the order and expect that MM to "match" the "low offer" in the case of a buy (bid in the case of a sell). Even though this MM might in fact be the "high bid" and not really want to sell any more.
As a wholesaler he must perform or he will get a reputation as a "non-performer" with the "Big" houses and will cease getting "calls" which means he will soon go out of business. I mentioned above that this activity is very significant to BB stocks. I say this because most of the trades in these BB stocks are "unsolicited" and are done through discount houses.
With the above groundwork laid, let me try to explain how market makers get short even if they like the Company; Lets say that a stock (shell) has been lying quietly at $.25 bid $.50 offered. A limit order comes into one of the MM's to Buy at $.50 for a thousand shares. Prior to this trade that MM may be "flat" (neither long or short any shares). He fills the order and is now short 1,000 shares. He may raise his bid hoping to find a seller to "flatten" out his position. But before he realizes it a wave of buyers have come in and cleared out all the $.50 offers. Now the stock is $.50 bid .75 offered. Here comes that "Big" firm he just sold the 1,000 shares to at .50 with another bid for 1000 at .75. He makes this print. Now he is short 2,000 at an average of .625. The market keeps moving and now its .75 bid 1.00 offered. Now he has to make a decision.
Just like investors, MM Hate to take a loss. So 9 times out of 10 he will now sell 2000 at 1.00 making him short 4000 but with an average .81. At this time he would love to see a seller at .75 so he can cover his short and make a few bucks.
But instead the market keeps moving up. Now it is 1.00 to 1.25 and here comes the buyer again at 1.25. He doesn't want to lose the call so now he needs to sell 4,000 at 1.25 to keep his break even point above the bid. Now he is short 8,000. Market moves up to 1.25 bid 1.50 offer here comes the buyer now he feels he must sell 8000 here because "stocks don't go up forever".
Now he is short 16,000. And so on and so on. If the stock keeps moving up, before he realizes it he could be short 50k or 100k shares (depending how big his bank is).
Finally the market closes for the day and on paper he may look all right in that his "break even" price may be around the closing price. But now he has to figure out how to entice sellers so he can cover this short. It is important to note that if this happened to one MM it has probably happened to most all of them.
Some ways MM's entice sellers; Run the stock up with a "tight spread" in a fast market, then "open" up the spread to slow down the buying interest. After it has "cooled off" for a little while lower the offer below the last trade right after a small piece trades on the offer then tighten the spread so that the sellers feel they can take a "quick profit" by "hitting the bid" on the tight spread.
Once the selling starts the MM's will walk it down quickly by only making small prints on the way down with the tight spread. Another way is by running the stock up in the morning, averaging up their short then use the above technique to walk it down in the afternoon.
Hopefully after doing this for several days, it will demoralize the buyers. The volume will dry up and the sellers will materialize thinking that the game is over.
Contrary to popular opinion, MM usually Do Not Cover in Fast moving markets either Up or Down if they are short. They Short More. They usually try to cover after the frenzy is out of the market. There are many other techniques they use but the above are the most popular.
This technique works about 9 times out of 10 particularly in a BB market. However that is because 9 out of 10 BB stocks are BS. Remember what I said above. Most MM's don't have a clue as to the value of a Company until they get trapped. If the Company has solid fundementals and a bright future. Then the stock will do very well. And the activity that caused the situation will prove to even help the future stock activity because it created an audience." _____________________________________
Credit for this post goes to Cardshark_1999
Sorry for the double post
AC416 - - - - - - -
I respectfully disagree. In the rare occurance that an OTC:BB or PINKY decides to go ahead and apply for a senior exchange, rather than just talk about it (and I've only seen this happen twice BTW), they will issue press release after press release, giving the shareholders a blow-by-blow, minute-by-minute account of the progress. This is the one sure-fire way they can boost the share price way over the minimum closing BID for 30 consecutive trading days (which would be required by the senior exchange in order to even consider listing for the candidate company).
But if you want to find out for certain (whether they are being reticent in their efforts to move to a more prestigious exchange) you should be very vigilant about monitoring the EDGAR/S.E.C. submissions. That will reveal their true intentions, as this procedure is absolutely transparent and can't be hidden from the public.
AC416 - - - - - - -
I respectfully disagree. In the rare occurance that an OTC:BB or PINKY decides to go ahead and apply for a senior exchange, rather than just talk about it (and I've only seen this happen twice BTW), they will issue press release after press release, giving the shareholders a blow-by-blow, minute-by-minute account of the progress. This is the one sure-fire way they can boost the share price way over the minimum closing BID for 30 consecutive trading days (which would be required by the senior exchange in order to even consider listing for the candidate company).
But if you want to find out for certain (whether they are being reticent in their efforts to move to a more prestigious exchange) you should be very vigilant about monitoring the EDGAR/S.E.C. submissions. That will reveal their true intentions, as this procedure is absolutely transparent and can't be hidden from the public.
Atomic - - - - - - -
LOL!!!
Thanx for laugh and the update.
Hopefully Pompano has a good sense of humor too.
LongVestor - - - - - - -
Entire market closed down.......Dow -0.77% Nasdaq -0.91%. We closed up +3.23%. Not that this is a huge breakthrough or anything, but it does go against the trend.
Sooner or later this thing has got to breakout.....whether it consistantly moves up day after day/bit by bit, or it just spikes, I don't know. But this puppy is just dying to bust a move.
Spread - - - - - - -
Five minutes ago, the spread was razor thin.......separated by one-tenth of one cent. Bid was .305 and ask was .306
Ciprofloxacin Hydrochloride tablets
Cipro is one of the most widely prescribed antibiotics worldwide since at least the mid 80's. Extremely broad spectrum (highly effective against both gram positive & gram negative bacteria). Cipro by far is one of the best antibiotics ever produced. (this is the one drug that people were hoarding back in 2001 right after 9/11, as it is the antibiotic that is most effective against the ANTRAX bacteria)
19 years ago, Bayer Pharmaceuticals introduced the first broad spectrum oral fluoroquinolone, Ciprofloxacin (Cipro®, Ciproxin®). The intravenous formulation of Cipro was introduced in 1991. Cipro is available in more than 100 countries and has been approved for the treatment of 14 types of infections, especially urinary tract infections (UTIs) such as acute uncomplicated cystitis, pyelonephritis, and chronic bacterial prostatitis.
Cipro is considered the "gold standard" therapy for many types of Gram Negative infections, including Pseudomonas aeruginosa, and has maintained a high level of activity against Escherichia coli compared to other agents used for UTIs.
Cipro's 19 year history includes:
Extensively studied and documented in over 37,000 publications
More than 100,000 patients enrolled in double blind trials around the world
Prescribed for more than 340 million patients worldwide
Extensive and unprecedented safety profile
Just Released: Updated Form 8-K/A
http://biz.yahoo.com/e/071010/gtec.ob8-k_a.html
Form 8-K/A for GENESIS TECHNOLOGY GROUP INC
10-Oct-2007
Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets
DESCRIPTION OF BUSINESS
PRINCIPAL PRODUCTS OR SERVICES
Laiyang Jiangbo is engaged in research, development, production, marketing and sales of pharmaceutical products. It is located in Northeast China in an Economic Development Zone in Laiyang City, Shandong province and is one of the major pharmaceutical companies in China producing tablets, capsules, and granules for both Western medical drugs and Chinese herbal-based medical drugs. Approximately 20% of its current products are Chinese herbal-based drugs and 80% are Western medical drugs. Laiyang Jiangbo has several Certificates of Good Manufacturing Practices for Pharmaceutical Products (GMP Certificates) issued by the Shandong State Drug Administration (SDA) and currently produces five different types of drugs.
Laiyang Jiangbo's top four products in fiscal 2007 include Clarithromycin sustained-release tablets, Itopride Hydrochloride granules, Ciprofloxacin Hydrochloride tablets, and Paracetamol tablets.
Drug Development and Production
Development and production of pharmaceutical products is Laiyang Jiangbo's largest and most profitable business. Its principal pharmaceutical products include:
Clarithromycin sustained-release tablets
Clarithromycin sustained-release tablets, Chinese Drug Approval Number H20052746, are semi-synthetic antibiotics for curing Clarithromycin sensitive microorganism infections. Laiyang Jiangbo is one of only two domestic Chinese pharmaceutical companies having the technology to manufacture this drug. Laiyang Jiangbo's sales of this drug were over RMB 248.4 million (US $31.82 million) in fiscal 2007, which is approximately 50% of the market share in China for this type of drug.
Clarithromycin is the second generation of macrolide antibiotic and replaces the older generation of Erythromycin. Clarithromycin first entered the pharmaceutical market in Ireland in 1989, and as of 2007, it is one of thirty medicines which generate the greatest sales revenue all over the world. Chemically, Clarithromycin has a wider antimicrobial spectrum and longer duration of acid resistance. Its activity is 2 to 4 times better than Erythromycin, but the toxicity is 2-12 times lower.
Clarithromycin sustained-release tablets utilize sustained-release technology, which requires a high degree of production technology. Because of the high degree of technology required to produce this product, PRC production requirements are very strict and there are very few manufacturers who gain permission to produce this product. Therefore, there is a significant barrier to entry in the PRC market. Currently, our Clarithromycin sustained-release tablets are the leading product in the PRC domestic antibiotic sustained-release tablets market. Our goal is to maintain our current market share for this product.
Itopride Hydrochloride granules
Itopride Hydrochloride granules, Chinese Drug Approval Number H20050932, are a stomach and intestinal drug for curing digestive system-related diseases. Laiyang Jiangbo's sales for this drug reached RMB 228.08 million (US $29.22 million) in fiscal 2007, which is approximately 12.6% of the market share in China for this type of drug. This product is widely regarded for its pharmacological properties, i.e. rapid absorption, positive clinical effects, and few side effects. Based on clinical observation, it has been shown that Itopride Hydrochloride granules can improve 95.1% of gastrointestinal indigestion symptoms.
Itopride Hydrochloride granules are the fourth generation of gastrointestinal double dynamic medicines, which are used for curing most symptoms due to functional indigestion. The older generations are Metoclopramide Paspertin, Domperidone and Cisapride.
Itopride Hydrochloride granules are SDA-approved and entered the PRC pharmaceutical market in June 2005. Since 2005, Laiyang Jiangbo has seized the opportunity presented by this product by rapidly establishing a domestic sales network and developing the market for this product. Currently, this product has competition from two other famous stomach medicines, namely Dompendone Tablets and Vitamin U Belladonna and Aluminum Capsules II. Itopride Hydrochloride granules are a new product for Laiyang Jiangbo, but it already has a nationwide sales network in China. Laiyang Jiangbo's goal is to have sales of Itopride Hydrochloride granules exceed sales of the other two medicines in the near future.
Ciprofloxacin Hydrochloride tablets
Ciprofloxacin Hydrochloride tablets, Chinese Drug Approval Number H37022737, are an antibiotic drug used to cure infection caused by bacteria. Laiyang Jiangbo's sales for this drug reached RMB 91.73 million (US $11.75 million) in fiscal 2007, which is approximately 19.61% of the total market for this type of antibiotic drug in China.
Due to a stoppage in production of raw material manufacturing in PRC in 2004, the price of certain raw materials which are used to produce Ciprofloxacin Hydrochloride tablets rose rapidly and Laiyang Jiangbo seized this opportunity by using its stored raw materials to produce a significant amount of Ciprofloxacin Hydrochloride tablets. As a result, Laiyang Jiangbo's sales of this product won a large percentage of the market in PRC from 2004 to 2006. However, other companies resumed production in 2007, which has lead to stronger competition and a decrease in Laiyang Jiangbo's profits for this product. Despite the recent decrease in profits for this product, Laiyang Jiangbo's goal is to continue producing Ciprofloxacin Hydrochloride tablets as a principal product to promote the popularity of its product and brand.
Paracetamol tablets
Paracetamol tablets, Chinese Drug Approval Number H37022733, are a nonprescription analgesic drug, mainly used for curing fever due to common flu or influenza. It is also used for relief of aches and pains. Laiyang Jiangbo's sales for this drug reached RMB 26.61 million (US $3.41 million) in fiscal 2007, which is approximately 0.6% of the total market for similar types of drugs in China.
Laiyang Jiangbo is authorized by the PRC Ministry of Health to be an appointed producer of common antibiotics in Jiangsu Province, Guangdong Province, Zhejiang Province, Fujian Province, Shandong Province and Guangxi Province. Paracetamol tablets are one of PRC's national A-level Medicare medicines. This product entered the Chinese market in July 2004.
Baobaole Chewable tablets
Baobaole Chewable tablets, Chinese Drug Approval Number Z20060294, are a new product of Laiyang Jiangbo and entered the market in August 2007. Baobaole Chewable tablets are nonprescription drugs for gastric cavity aches. This drug stimulates the appetite and promotes digestion. Baobaole is used to cure deficiencies in the spleen and stomach, abdomen aches, loss of appetite, and loose bowels. Its effects are mild and lasting.
As of August 2007, Laiyang Jiangbo has completed its entire distribution network for this product and its goal is to reach sales volume of RMB 140 million (US $17.93 million) for this product for the fiscal year ended June 30, 2008.
Looks like the stock "GAPS DOWN" -
When a stock gaps open (opens at a price significantly higher than it closed at the previous day's final trade) or gaps down (opens at a price noticeable lower that it closed at during the previous day's final trade), it is usually the MM's play games. Here is a link that touches upon the subject, though nobody can really predict what's really going on here.
http://www.dailyspeculations.com/sogi/Gaps.html
Not an endorsement to buy, sell or hold.......just some reading material for entertainment value.
Jim - - - - - - -
The merger between the private China company (pharmacuetical) and the public U.S. shell Corp (GTEC) was completed last week. It's a done deal.......end of story. I have reposted excerpts from the letter to the shareholders from GTEC's CEO that had been posted on this board last week as well as on the company's website. There's no waiting period, and no backing out by either side. For better or worse, we are a China based pharmaceutical company now. See the sections that I have highlighted below in bold and italics.
For the full letter, just click on this link.
http://www.genesis-china.net/
On the advice of counsel and because the merger contract could be cancelled at any time during the process, Genesis management and directors were committed to total confidentiality and secrecy until the merger was officially completed on Monday, October 1, 2007.
The merger between Laiyang Jiangbo Pharmaceuticals Co., Ltd and Genesis Technology Group, Inc. occurred officially on Monday, October 1, 2007, creating Genesis Pharmaceuticals Enterprises, Inc. (OTCBB: GTEC).
The future of Genesis Pharmaceutical Enterprises, Inc. (OTCBB: GTEC) shall be determined by Mr. Wubo Cao, his experienced staff and Board of Directors. In the near future, Mr. Cao will reveal the plans for the Company's future. A new website is under construction and should debut soon.)
This will be the final letter that I, as your CEO, write to our Shareholders. After five years of serving in that role, I am honored to turn over this position to Mr. Wubo Cao, founder of Laiyang Jiangbo Pharmaceuticals Co., Ltd. ("LJPC"), one of China's most dynamic and fastest growing pharmaceutical enterprises.
Long - - - - - - -
If a company is worth $1,000 dollars, and they have 1,000 S/O (shares outstanding), then it stands to reason that each share should be worth $1 each (give or take a few cents for the BID/ASK spread....i.e., $1.02 for the ASK and .98 cents for the BID).
It's a lot more complicated than this. So let's forget P/E ratio, and other mitigating factors for a moment. For arguments sake, if GTEC was worth $200 million dollars in the aggregate, and we have 385 million shares O/S, then each share should be worth approximately $1.92 (again, giving & taking a few cents for the BID/ASK spread). Remember, the above figures are all hypothetical....made up off of the top of my head. No one knows what the true figures are.
A company can have 20 billion shares outstanding, and still sell for $45 dollars a share if you take into account their P/E ratio, and the company's total value.....ie, revenues, profits, outstanding debts, growth projection, overhead operational costs, lawsuits, etc.
If (and this is a very qualified "IF") this company GTEC is really worth what they are claiming......and "IF" their projected growth is accurate, then 385 million shares sounds just about right; very reasonable....not too high/not too low.
A company usually performs a reverse split for three reasons.
#1) Their company (and therefore their stock price) has lost value (due to a myriad of factors) and they have been warned by the NYSE, the AMEX or the NASDAQ that they are in danger of losing their listing on the exchange because they failed to meet the minimum closing BID price for 30 consecutive trading days. Rather than getting booted to the PINKS or the OTC:BB, they may decide to pull a 3-1 reverse split, which will bring the TOS (total outstanding share count) down to 1/3 one-third of what it had previously been. This also has the opposite but equal effect of tripling the share price...thus giving the company a new life on the senoir exchange (NASDAQ/AMEX/NYSE).
When performed for the reason stated above, this is usually seen as an act of desperation by a company whose financials and share price will continue to sink. In other words, 9 out of 10 times, this reverse split action only delays the inevitable, as the company already had one foot in the grave. This is the second most common reason for pulling a reverse split on a stock.
#2) When a PINK SHEET or OTC::BB company has a solid business, and wants to be taken seriously by the market (ie, institutional buying, less market manipulation etc....too may reasons to detail here), then they may pull a reverse split to get the PPS up beyond the minimum closing BID the the senior exchange requires to maintian listing. This boost in share price allows them to maintian the closing BID price for the 30 consecutive trading days required by the senior exchange; and then they are now eligible for listing on the NASDAQ/NYSE/AMEX. This is the least common reason why a company pulls a reverse split.
#3) The last reason to reverse a stock is when you have a scam company (95% of the time an OTC:BB or PINK) that keep issuing shares (thus diluting the FLOAT--O/S share pool) and dumping them into the market. The more shares they issue and dump, the lower the share price goes. This scam company has what seems to be a personal printing press to make make money. Unfortunately, at some point down the road, dilution has caused the shares to become virtually worthless (sub-penny, like one-one hundreth of a cent per share.0001). So the weasels simply pull a massive 1,000-1 or 5,000-1 reverse split, and SHAZAM!!! now your stock price is back up to ten or fifty cents a share. You then begin to issue yourself more shares and start the dumping process all over again. This is the most common reason for reversing a stock.
FastEddie & StockPicker - - - - -
Volume is anemic & the PPS hasn't really budged at all. I'm willing to bet that the rest of the day follows this trend/pattern. Volume seems very light across the board (Just look at the charts for GE, T, VZ, AMAT, MET, etc. It's already 1:30 pm est, almost 2/3 of the trading day is gone). This is most likely due to the fact that today is an official U.S. holiday. No surprises here. I wouldn't bother wasting my time with the market today. Check back tomorrow......should see a huge spike in volume (and hopefully a concomitant rise in share price)
Nysesp500 - - - - - - -
While I admit that you seem to have a better understanding of market mechanics than I do, I still believe that I can add 2 & 2 together. So maybe you or another shareholder here can elucidate me, and point out the error(s) in my logic & calculations.
I have queried four different reputable financial sites (I have included the links below so you can verify). All four show a P/E ratio for this company--GTEC's stock as being 34 (and no, I'm not confusing GTEC's closing price of .34 cents with its P/E ratio of 34. If you look, you'll note that on Friday they both just happened to be at 34).
Applying your mathimatical formula of multiplying .055 to a P/E ratio of 34, I arrive at a valuation of $1.87 a share right in the here and now (i.e., October 7th 2007). So if I'm understanding you correctly, (and I'm in no way trying to pump or hype....just trying to clarify), this means that right at this moment, without any other press releases, announcements or filings, the market believes that this company should be trading at $1.87 per share? Is this asserion correct?
NASDAQ...
http://quotes.nasdaq.com/asp/SummaryQuote.asp?symbol=gtec&symbol=GTEC&symbol=&symbol=&am....
MarketWatch
http://www.marketwatch.com/Quotes/gtec
BigCharts
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=gtec&sid=0&o_symb=gtec&x....
Yahoo Finance
http://finance.yahoo.com/q?s=gtec.ob
Jim - - - - - - -
I'm going to give you my own uneducated, uniformed, personal opinion to your question. Please do not take any of what I say as gospel. Always seek out professional advice.
Since there are a lot of bean counters much more savvy about this type of thing than I, why are we still languishing at 35 cents. Something is missing here ........?????
Easy there fella. Take a couple of deep breaths and have a seat. Things like this just don't happen overnight. This stock tripled in price within the time span of one week. That's huge by anyone's standards. There are just too many reasons to list as to why the price didn't hit the moon yet (and I'm not going to prognosticate or engage in any conjecture right now). But I will tell you #1) it's not on many peoples' radar screens as of yet. If this new management team is as capable & professional as they claim, then they are most certainly going to procure the services of a capable IR/PR investor relations/public relations firm. This IR firm will begin issueing press releases and also start start drumming up interest via internet email & stock newsletters. #2) Right now (and for the forseeable future) there are going to be daytraders, flippers, swingtraders and maybe even a couple of short plays going on here. These people aren't interested in holding the stock for months or years. They just want to snatch a couple of bucks here & there. This will cause the PPS (price per share) to continually fluctuate wildly (as well as prevent the PPS from shooting to the moon overnight). Add in all of the fun & games the MM's play (gaps open/gaps down/churning etc, etc) and you can see that it's going to take a little time.
Additionally, I don't care if GTEC discovered the cure for cancer, no company jumps from the OTC:BB or PINKS and onto a senior exchange overnight. The people managing the NASDAQ, the NYSE and the AMEX must strive to protect the integrity of their exchange. GTEC must be thoroughly investigated and meet many requirements before they can even be considered for listing. This takes months my friend.
This may be a wild ride before the PPS settles down into some predictable groove. The new management may be playing their cards close to their chest. The new and old management are probably also gagged & can only legally reveal just so much. We just have to wait and see how management proceeds with this issue. As far as I'm concerned, this shindig has just begun.
Randy-------
I'm not trying to confirm or deny your assertion......but I do believe (IMHO) it is very possible that we will qualify for senior exchange status if all that has been promulgated thus far is indeed veritable.
The NYSE (the most prestigious of them all) requires that you are able to maintain a $1 average closing bid price to maintain your listing (once you have been accepted). I'm not sure, but I believe that you must maintain an average closing bid price of $3 for at least a month (while you are trading on the OTC:BB & PINKS) before they will consider accepting you onto the NYSE. (please note...there are also other requirements that must be adhered to also).
The NADAQ requires you to initially have maintained a closing bid price of $5 a share for 30 consecutive days before they will list you. There on afterwards you must maintain an average closing bid price of $1.
The AMEX requires an initial $3 per share to be accepted onto the exchange and that you maintain a $2 per share closing bid price. (or vice-versa, ie $2 to be accepted and $3 to maintain listing status).
If you fail to average any of the senior exchanges minimum closing bid prices for 30 consecutive trading days, they will boot you to the OTC:BB.
Again......this is only my personal belief & understanding of how things operate on the senior exchanges. All investors must perform their own DD.
Obi-Penny-Kanobi (off topic question)
I stumbled across this puppy (GTEC) and now maintain a position. I apologize to the rest of the board, as this is an off-topic question. I noticed that you moderate the GERI board. I have maintained a position in that stock for over two years now. At one point I thought it had great potential, but as you are well aware, the price has tanked due to the sub-prime debacle.
I have tried several times to reach the president Chris Butchko and the CEO Elwood Sprenger with no success. Have you had any contact with the company within the last 3 months or so? And if so, what do you think of the prospects of GERI?
GERI
GERI, the little company that couldn't..............
Hey neilhk-----
There are 200 million shares authorized--GERI corp holds 140 million and 60 million are in the float.
You need to call Chris Butchko/president and Elwood Sprenger/CEO and find out what the real deal is. If they got so much going for them, then why is the PPS in the crapper? Yeah, I know, they've got so much great business just wating to be announced.......I've been hearing that story for two years now.
And ask about Barry Davis (Iceman/Ice Cold Stocks).....remember him? He was supposed to be the paid tout for this company, then suddenly turned on Elwood/Butchko and bit the hand that fed him. Problem is, he still holds those 3 million shares that he was paid to represent GERI, and they're all about to become UN-restricted come April. And when they do, he'll be unloading them in a NY minute. That you can bet on.
Also, get a commitment from Butchko and Sprenger as to when this POS is going to start reporting and move off of the PINKS. Then ask them who the PR firm is that will be representing the company to get the share price moving to coincide with our purported move onto the OTC:BB.
This company talks a lot of sh*t, but never seems to go anywhere. I mean, if they had all they claim, then they should have been off the pinks last quarter and trading at at least a buck or two. The market knows something we don't. And please don't start talking about naked shorters holding the share price down.