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You're kidding, right?
I see no reason for panic...just normal trading pattern, imo.
A watched PPS never rises...in my humble experience.
Sounds like someone has a birdie...
LOL...looks like they're on summer vacation.
You snooze...you lose, tho.
You cannot help those who refuse to wake up. They are putting anyone on ignore who does not spout the party line.
Sadly, these will be the same people screaming for a lawyer, to sue BOTH the pumpers an bashers, when the stock implodes.
Of course, it will not be their own fault, for believing the Rufus line of BS, or holding the stock long after they should have sold.
pathetic. No one takes responsibility for their own thoughts or actions any more.
Just got a friend in at .125
Whew! I could have hoped, for their sake, that it dipped to .115, but watching the level 2s, no luck. Buying support very strong
Great for SLJB longs!
DJ: Short Data Don't Back Abuse Claims
DJ IN THE MONEY: DTC Short Data Don't Back Abuse Claims
Tuesday , August 01, 2006 11:59 ET
By Carol S. Remond
A Dow Jones Newswires Column
NEW YORK (Dow Jones)--The NASD turned on the lights on the often nebulous world of the over-the-counter bulletin board last week when it started reporting short interest in those securities.
The data add transparency to shares of small capitalization companies traded on the OTCBB and Pink Sheets, but it has also led to a significant revelation; short selling is relatively limited for most companies.
Especially so for those companies which over the years have alleged a short selling conspiracy to keep their stock prices artificially depressed.
Insiders of small companies trading on the OTCBB and Pink Sheets have long complained that the shares of their companies unduly suffer from abusive short selling. Some of these companies have brought lawsuits and publicly challenged Wall Street firms and regulators, which they accuse of complicity with short sellers. These suits and the publicity surrounding them have sometimes attracted investors hoping that a short squeeze could push prices higher.
Turns out, those short squeezes are unlikely.
"The distribution of unregistered securities via the secondary market, not abusive market-maker short selling is the problem," Cromwell Coulson, chief executive of Pink Sheets LLC, said in a telephone interview.
Coulson petitioned the Securities and Exchange Commission in January 2005 to require short interest reporting of all OTCBB securities, similarly to the monthly data already reported by the NASDAQ and New York Stock Exchange.
Coulson highlighted in his letter to the SEC that although companies often blame naked short selling for a market decline, other activities are responsible for the price drop. Among those activities, Coulson said, is selling by people who purchased stock in private placements, sometimes ahead of the registration of this stock.
"The lack of short interest reporting in OTC equity securities causes confusion on the part of investors and issuers, and inhibits proper regulatory oversight," Coulson wrote in his letter.
Cameron Funkhouser, senior vice president for market regulation at the NASD, said that the new data will provide much needed transparency. "This is a positive event, particularly in the OTC arena where there is a history of disclosure vagueness," he said.
Short sellers typically borrow shares to sell them, hoping that they will be able to replace them with shares bought at a lower price later. Trading without a borrowing agreement is called naked short selling. It's illegal for most investors, but legal for firms that make markets in stocks by bringing liquidity to the market.
Big Gap Between Hype And Reality
While a number of companies have over the years alleged that their stocks have improperly been driven down by abusive short selling, the newly released data tell another story.
Take Jag Media Holdings Inc. (JAGH), a company that became a trailblazer when it unsuccessfully tried to exit the global clearing system managed by the Depository Trust and Clearing Corporation, or DTCC, and subsequently sued more than 100 brokerage firms in the U.S. District Court for the Southern District of Texas. It accused the financial institutions of market manipulation and securities fraud. That suit was dismissed in 2004 after a federal judge found that Jag Media didn't have a viable claim, but the company remains a poster child for those who believe that abusive short selling is a plague that needs to be eradicated.
Yet as of July 25, only 15,256 shares of Jag Media were sold short - less than 1% of its outstanding common stock. It would take less than a day to cover these positions. Jag Media didn't immediately respond to two telephone messages.
What about another, more recent "Get Shorty" candidate, Nexia Holdings Inc. (NEXH). The Salt Lake City real estate company informed investors on July 26, shortly before the NASD short selling data became public, that it believed that it had fallen victim to abusive short selling practices "like so many other micro cap companies."
But according to the data collected by NASD, there were a mere 37 shares of Nexia sold short as of July 25, which given the company's 3.9 billion shares outstanding, should hardly affect its stock price.
Nexia Chief Executive Richard Surber wasn't immediately available to comment.
And what about Universal Express Inc. (USXP), a Florida luggage delivery company which in 2004 sued the SEC in an attempt to prevent the commission from filing charges against it. The company claims that it was victimized by naked short selling. The SEC later filed charges against the company and some of its insiders, alleging that they issued more than 500 million shares illegally in a period of three years.
NASD's data show 1.9 million shares of Universal Express sold short as of July 25. Given Universal Express' 8 billion-plus shares outstanding and average daily volume of more than 30 million shares on most days, that also shouldn't present any unbearable weight on the company's stock price.
Universal Express' general counsel, Chris Gunderson, wasn't immediately available to comment.
Same goes for Global Links Corp. (GLLC), a development stage company that attracted much attention last year when it was used as an example of illegal short selling by U.S. Senator Robert Bennett. R-Utah, during a Senate hearing on a new SEC short selling rule dubbed REG SHO.
According to data collected by NASD, there were 6,851 shares of Global Links sold short as of July 25, less than 1% of Global Links' 15 million common shares outstanding. It would take less than one day to cover these short positions.
Nobody answered the telephone at the number listed on Global Links' last quarterly report filed with the SEC. An email inquiring about the short selling data released by NASD was not immediately answered by the Las Vegas company.
And when it comes to Vyta Corp. (VYTC), previously known as Nanopierce Technologies Inc., the finding is the same. Despite the company's repeated claims that its stock has been abused by short sellers, there were only 1,359 shares of Vyta sold short as of July 25, shares that could be covered in less than one day.
Like Jag Media, Nanopierce filed suit to make its claim of abusive short selling. Nanopierce is appealing a federal judge's decision to dismiss its complaint against DTCC. The judge in that case found that Nanopierce's claim that DTCC's stock-borrow program facilitated the naked short selling of the company's shares is preempted by federal law.
A person answering the telephone at Vyta's Colorado office said nobody would be available to talk about the short selling data for a week.
NASD's Funkhouser said that it will take some time to review the short selling data received from NASD member firms. "We believe the data is accurate, but it will take a few months to identify potential gaps," he said.
The first batch of short selling on the OTC contained data on almost 7,000 securities, but in reality there are tens of thousands of OTC symbols out there, some of which are dormant.
Although the data may not be complete, it may not be too early for investors to take notice: Before taking a company's claim of abusive short selling at face value, check the trading data before betting for that magical short squeeze.
Congratulations XKEM longs...I hear your stock is gonna fly again soon.
Needed a rest after that long run up to .11, but watch it go!!
Thanks....very nice!
Is this stock going up?
More likely a week at the latest...IMHO!
RUFUS, RUFUS...Are we getting $15 Bucks a share???
Rufus P Harris takes a concerned shareholder's phone call, outside his office in Keneshaw, GA
I'm holding...don't see a better play out there right now.
lol...but I think it'll be more like this:
(apologies to Steve Miller)
Singin' "GODSPEED"... take the money and run
....Rufus P, whoa, whoa, he slipped away
Buddy Ben vanished too, just the very next day
They got the money, hey
You know they got away
They headed down south and they're still running today
Singin' "GODSPEED"... take the money and run
Singin' "GODSPEED"... take the money and run
I agree...that's why I'm in! I think the fireworks are just beginning around here...
I consultant my financial advisor and got an answer
I would have done the same, to increase my position here, but I have the double whammy that Ameritrade is holding last week's purchase to the 3+1 settlement rule, even for margin account holders. It's their rule for corporate reorganizations and ticker changes, apparently.
Therefore, even if I sold, the funds would not be available to me until tomorrow. I would risk selling, and not being able to buy back in
I like this stock too much right now to risk that, so I'm holding tight. There'll be opportunities to flip and buy more on the dips later.
Party has a point that we have obviously seen buying and selling. However those of us who bought in the last week have pretty much been beached until the certs are delivered and the shares of LFWK exchanged for SLJB. As Ameritrade is one of the larger on-line brokers, I wonder, as you said, how much this has contributed to the volume levels
We saw what happened with Scottrade this afternoon. A little furry of selling. However, strong support buying as well.
Interesting.
What has been your experience with your broker? If the short situation is as bad as they say, is there a risk that some of the shares being bought or sold in the last few days don't really exist?
Thoughts?
A scientific experiment, gone horribly wrong...
If Rufus is still stateside, he may be drawing one of these soon:
Lakers, I agree. I have always been able to reach a supervisor on the phone whenever I need something resolved, and they are quick to give me free trades to compensate for any difficulty I may have had.
Most importantly, when I first began trading, they let me start trading pennies immediately, unlike e-trade, which at the time had a 10 day waiting period for pinks and pennies. Don't know if that's still the case.
If I do change brokers, it will be to an ECN.
I have been in touch with a number of other ameritrade users who purchased last week, and only one that I know sold. Most did not want to risk selling their stock short..
Yes, it appears other people sold. I don't know the risk they took, or whether they bought in on Monday, and have been flipping. I can only speak for the ameritrade users I know.
Yes, I was told that if I attempted to sell my LFWK (now SLJB) stock before they received the certs, that I would, in effect, be selling my stock short.
It should be okay, as they are supposed to receive the new SLJB stock tomorrow. In this case, it is a technical short.
However, if for a slim reason the company does not deliver the new stock, you would be required to obtain the stock on the open market to replace the position.
I think that's why many people have not taken any profit yet....all in the same boat
FYI: NASDAQ short list 7/31
Enclosed SHO list...
Nasdaq `Threshold' Securities for July 31 (Table)
2006-08-01 07:43 (New York)
By Wendy Allard
Aug. 1 (Bloomberg) -- The following is a list of
``threshold securities'' from the Nasdaq Stock Market,
published daily in compliance with the U.S. Securities and Exchange
Commission's Regulation SHO.
The list consists of stocks for which sellers failed to
deliver 10,000 shares or more in the past five trading days and
the level of ``fails'' is a minimum of 0.5 percent of the shares
outstanding. Securities are listed alphabetically by ticker.
*T
# of Consecutive
Ticker Security Name Days on List
==============================================================
AAAC ASIA AUTOMOTIVE ACQUISITION CO 8
AAACW ASIA AUTOMOTIVE ACQUISITION CO 17
ABLE ABLE ENERGY INC 41
ABLSQ ABLE LABORATORIES INC 4
ABSY ABSOLUTESKY INC COM STK 20
ACKHQ ARMSTRONG HLDGS INC(HLDG CO) 4
ADGD ANDRESMIN GOLD CORP NEW 6
ADSD Addison-Davis Diagnostics, Inc 11
ADTR ALLIANCE DISTRIBUTORS HOLDING, 4
ADVC ADVANCED COMMUNICATIONS TECH 8
AFPC A F P IMAGING CORP 1
AGIX ATHEROGENICS INC 83
AHBRF ALHAMBRA RES LTD 17
ALGSF Altagas Utility Group Inc Comm 17
AMGZO AMG Capital Trust 1 5.1% Tr Pf 4
AMWD AMERICAN WOODMARK CORP 9
ANCGF ADANAC MOLY CORP (CANADA) 17
ASVI A S V INC 10
ATLO AMES NATIONAL CORPORATION 15
ATPTZ ALL STATE PROPERTIES LP COM 1
AVNR AVANIR PHARMACEUTICALS CL A NE 25
BCEKF BEAR CREEK MINING CORPORATION 7
BCLC Bicoastal Communications Inc. 17
BDCO BLUE DOLPHIN ENERGY CORP 8
BKHM BOOKHAM INC 14
BONT BON-TON STORES INC (THE) 1
BVEVF BAYSWATER VENTURES CORP 7
BVGIF BRAVO VENTURE GROUP INC 5
CBNK CHICOPEE BANCORP INC COM STK 1
CBOU CARIBOU COFFEE COMPANY INC 14
CDGF HELENA SILVER MINES INC NEW 3
CDOUF CANDENTRE RESOURCES CORP 8
CERTF CERTICOM CORP (F) 7
CGHRF GOLD HAWK RESOURCES INC (F) 11
CHRT CHARTERED SEMICONDUCTOR MFG LT 23
CKCM CLICK COMM INC 192
CLRI CLEARANT, INC. 27
COOL MAJESCO HOLDINGS ENTERTAINMENT 14
CORT CORCEPT THERAPEUTICS INCORPORA 8
CPST CAPSTONE TURBINE CORP 14
CREE CREE INC 5
CVVLF CANALASKA VENTURES LTD 8
CWBS COMMONWEALTH BANKSHARES INC VA 9
CXBT CENTRIX BANK & TRUST 10
CYKN CYBERKINETICS NEUROTECHNOLOGY 7
DALRQ DELTA AIR LINES INC DEL 20
DLGS DIALOG SEMICONDUCTOR PLC 13
DMSP Dirt Motor Sports, Inc. Common 3
DNAG DNAPRINT GENOMICS INC. NEW 3
DNPCY DAI NIPPON PRINTING LTD ADR 1
DORLO DORAL FINANCIAL CP PFD SER B 9
DVLY Deer Valley Corporation Common 1
DXPE DXP ENTERPRISES INC-NEW 1
DYNK DynTek Inc. New Common Stock 5
ECSWF Excapsa Software Inc Common Sh 5
EGLE EAGLE BULK SHIPPING INC. 3
EMIS EMISPHERE TECHNOLOGIES INC 1
ESCL ESCALA GROUP INC 51
ESVIF ENSIGN ENERGY SERVICES INC. 8
ETRUF ETRUSCAN RESOURCES INC (F) 16
EVST EVERLAST WORLDWIDE INC 4
EXBX EXOBOX TECHNOLOGIES CORP. 8
FCLF FIRST CLOVER LEAF FINANCIAL CO 8
FDMLQ FEDERAL-MOGUL CORP 25
FELFF FIND ENERGY LTD (CANADA) 5
FHAL FRONTHAUL GROUP INC 1
FMJRF FIRST MAJESTIC RESOURCE CORP 14
FMRX FAMILYMEDS GROUP, INC. 2
FREGL FEDERAL HOME LOAN MORTAGAGE CO 5
FSBK FIRST SOUTH BANCORP INC 14
FUEL STREICHER MOBILE FUELING INC 36
GCGMF GREAT CANADIAN GAMING CRP(F) 10
GERI GLOBAL ENERGY RESOURCES INC 11
GHLT GHL TECHNOLOGIES INC COM STK 17
GLDRF GOLDBELT RESOURCES LTD-NEW 4
GLLC GLOBAL LINKS CORPORATION COM S 79
GMKT GMARKET INC ADS 14
GRWW GREENS WORLDWIDE INC NEW 16
GTOP GENITOPE CORP 1
GWAQ GREAT WALL ACQUISITION CORP 4
GWAQW GREAT WALL ACQUISITION CORP WT 5
HAXS HEALTHAXIS INC 1
HBDT HEALTH BENEFITS DIRECT CORPORA 9
HCTL HEALTHCARE TECHNOLOGS LTD 10
HERXF HEROUX-DEVTEK INC. 2
HMDPF HAMMOND POWER SOLUTIONS INC CL 2
HSOA HOME SOLUTIONS OF AMERICA INC 5
HYDG HYDROGEN CORP 20
IAWK IASIAWORKS, INC 187
ICOHA ICO GLOBAL COMM HLDGS LTD DE C 12
IDCO ID-CONFIRM INC. 1
IDWD IDS WORLDWIDE INC 17
IESV INTERPID TECHNOLOGY & RESOURCE 9
IEVM INTEGRATED ENVIRONMENTAL TECHN 1
IGPBU ISRAEL GROWTH PARTNERS ACQUISI 4
IMNR IMMUNE RESPONSE CORPORATION-NE 26
INCX INTERCHANGE CORPORATION 2
IOTN IONATRON INC 36
IPMG INTERNATIONAL PRECIOUS MINERAL 10
IRBT IROBOT CORPORATION 39
ISBL Ise Blu Equity Corp Common Sto 2
JALSY JAPAN AIRLINES CORP UNSPONS A 17
LGDDY LAGARDERE GROUPE S C A ADR 7
LUNFF LUDIN MINING CORPORATION 17
MACM MacroChem Corporation New Comm 9
MBEU MORGAN BEAUMONT INC 1
MCHX MARCHEX INC 1
MDII MDI INC 5
MDTA MEGADATA CORP 7
MDTL MEDIS TECHNOLOGIES LTD 247
MDWYQ MIDWAY AIRLINES CORP 384
MGAFF MEGA URANIUM LTD (CANADA) 7
MKTY MECHANICAL TECHNOLOGY INC 8
MLXO MICHELEX CORP NEW 1
MMTH TECHNIGEN CORP CL-A 3
MSTRW MICROSTRATEGY INC 10
NANN NANNACO, INC.NEW 67
NAVR NAVARRE CORP 35
NEMFF Neo Material Technologies Inc 7
NFLD NORTHFIELD LABORATORIES INC 77
NFSB NEWPORT BANCORP, INC. 10
NILE BLUE NILE INC 33
NKRSF NIKO RESOURCES LTD 9
NRMX NEUROCHEM INC 13
NRPH NEW RIVER PHARMACEUTICALS INC 21
NTDL NUTECH DIGITAL INC 2
NVKI NAVITRAK INTL CORP 5
OGZPY O A O Gazprom Sponsored ADR (R 8
OPMR OPTIMAL GROUP INC 3
ORBMW ORBIMAGE INC WARRANTS EXP 3/31 17
OSTK OVERSTOCK COM INC DEL 321
PARL PARLUX FRAGRANCES INC 30
PEIX PACIFIC ETHANOL, INC. 184
PEYUF PEYTO ENERGY TRUST UNITS (CDA) 1
PGDP PARAMOUNT GOLD MINING CORP COM 17
PHLI PACIFICHEALTH LABS INC 1
PLPC PREFORMED LINE PRODS CO 14
PLRS PLURISTEM LIFE SYSTEM INC 10
PNPFF PINETREE CAPITAL LTD 17
PRVT PRIVATE MEDIA GROUP LTD 14
PTHNF PATHEON INC (F) 3
PTJRY PETROJARL ASA SPONSORED ADR (N 8
PTSAJ CITIGROUP GLOBAL FNDG PRIN PRO 6
PWEI PW EAGLE INC 14
PXIAW PHOENIX INDIA ACQUISITON CORP 4
PYST PAYSTAR CORP 6
QRCP Quest Resource Corporation New 25
RCTEF ROCTEST LTEE 17
RDLYF RIDLEY INC. 3
RENG Radial Energy Inc. Common Stoc 4
RMDX REMOTEMDX INC 7
RNGZY ROSNEFTEGAZSTROY JSC SPN ADR 17
ROMA ROMA FINANCIAL CORPORATION COM 7
SATC SATCON TECHNOLOGY CORP 1
SCDE STONE ARCADE ACQUISITION CORP. 10
SEKEY SEIKO EPSON CORP UNSPONSORED A 9
SHFL SHUFFLE MASTER INC 2
SHMT Shumate Industries, Inc. Commo 1
SHQCW SAND HILL IT SEC ACQUISITION C 1
SIMC SIMCLAR INC 10
SKFT STRIKEFORCE TECHNOLOGIES INC 22
SNDN SendTec, Inc. Common Stock 5
SNTS SANTARUS INC 14
SOIGF STRATA OIL & GAS, INC. 34
SRCO SPARTA COMMERCIAL SERVICES, IN 13
SSBI SUMMIT STATE BANK COM STK 5
SXRFF SXR URANIUM ONE INC 17
SYNMW SYNTROLEUM CORP WT EXP 11/4/2 44
SYNMZ SYNTROLEUM CORP WT EXP 05/26/2 33
TCLT TECHALT, INC. 8
TDCP 3DICON CORPORATION 17
TDSC 3 D SYSTEMS CORP NEW 8
TMRT 2THEMART.COM INC 351
TNOG TITAN OIL & GAS, INC. 16
TOMO TOM ONLINE INC SPONS ADR (CAYM 50
TRLG TRUE RELIGION APPAREL INC 229
TZMT TELZUIT MEDICAL TECHNOLOGIES, 43
UEYCF U.T.S. ENERGY CORP 17
UMCI UNITED MEDICORP INC 8
URNZ URANEZ ENERGY CORP 3
VEXP VELOCITY EXPRESS CORP NEW 8
VIMC VIMICRO INTERNATIONAL CORP ADR 5
VISG VIISAGE TECHNOLOGY INC NEW 131
VLPI VITAL LIVING PRODUCTS INC 5
VLTS VALENTIS INC 8
VRSO VERSO TECHNOLOGIES INC 4
VSGN VASOGEN INC. 34
VSTC GTX GLOBAL CORP 2
VTSI VIRTRA SYSTEMS, INC. 20
VVIIF VIRTEK VISION INTL INC 2
WILIF WI-LAN INC 3
WMAR WEST MARINE INC 5
WNDXQ WINN-DIXIE STORES INC 26
WRMA WIREMEDIA INC 17
WSDT WISDOMTREE INVESTMENTS, INC. 17
WVCM WAVE.COM SA ADR 7
XING QIAO XING UNIV TELEPHONE INC 27
XTLB XTL BIOPHARMACEUTICALS AMERICA 6
ZOLT ZOLTEK COMPANIES INC 123
*T
--Editor: Yap
Story illustration: For website on Frequent Asked Questions on threshold
securities, visit http://www.sec.gov/spotlight/keyregshoissues.htm. For a
chart showing a company's short interest data, type Ticker Symbol <Equity>
SI <GO>. For the Nasdaq short interest index: {SIUSNASD <Index> <GO>}. For
more stories on short interest: {NI SHI <GO>}. For stories on threshold
securities: {NI THRESHOLD <GO>}. For more Nasdaq news: {NI NASDAQ <GO>}.
For
more stock news: {NI STK <GO>}.
To contact the reporter on this story:
Wendy Allard in New York at (1) (212) 617-2473 or
wallard@bloomberg.net.
To contact the editor responsible for this story:
Rodney Yap at (1) (323) 782-4223 or ryap@bloomberg.net
[TAGINFO]
NI SHI
NI NASDAQ
NI STK
NI EXC
NI US
NI TABLE
NI THRESHOLD
AAAC US <Equity> CN
AAACW US <Equity> CN
ABLE US <Equity> CN
ABLSQ US <Equity> CN
ABSY US <Equity> CN
ACKHQ US <Equity> CN
ADGD US <Equity> CN
ADSD US <Equity> CN
ADTR US <Equity> CN
ADVC US <Equity> CN
AFPC US <Equity> CN
AGIX US <Equity> CN
AHBRF US <Equity> CN
ALGSF US <Equity> CN
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ASVI US <Equity> CN
ATLO US <Equity> CN
ATPTZ US <Equity> CN
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BCEKF US <Equity> CN
BCLC US <Equity> CN
BDCO US <Equity> CN
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BONT US <Equity> CN
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CLRI US <Equity> CN
COOL US <Equity> CN
CORT US <Equity> CN
CPST US <Equity> CN
CREE US <Equity> CN
CVVLF US <Equity> CN
CWBS US <Equity> CN
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DALRQ US <Equity> CN
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#<277833.3601547.2006-06-20T00:30:00.25>#
-0- Aug/01/2006 11:43 GMT
Jonestown, or someplace in Texas..Waco?
Dunno, I'm waiting for my FHAL stock to 'reset' to $15, so I can buy a plane ticket and visit...
In the meantime, tho, I've located their accountant:
He tells me auditors disappear all the time.
Whew!
FHAL...TO DA MOOONNNN!!!
I dunno, I picked some up over at the FHAL tent...
Tasty!
Can't hold $1.25. Looks like they need more people to "invest" their children's tuition money...
Thirsty, anyone?
That's cool...I try to do the same.
Did I miss the part where we signed a pact to never sell before $3.00? Guess I was busy trading that day.
Hope I need to get a note from the school nurse to sell a few shares this week....lol!
I guess they haven't run out yet...
what are the choices again?
I was close in my call of .13 for a close. Came in 12.5 instead, 13 on the ask.
I hope you held on...this thing will trade strong in the pre-market, imo.
Because we make money. That must be bad....only holding and going down with the SS Rufus is good. I guess getting wiped out must be downright saintly!
I think you're wrong, here's why. The financials are monster, really strong. The market hasn't yet absorbed them, and in my experience, this usually takes a couple of days.
The company has performed as promised, the reverse merger is successfully completed, and this too, I feel, has not yet fully been priced in.
However, those who have been watching PPS action today, know there is a potential for even higher movement tomorrow, perhaps a gapper, so they will be waiting to buy in the last ten minutes.
Normally, I would agree with you but I think that between the new ticker, the strong gap up this morning, supported by the PRs of the financials, that we will close at .13 or higher.
If we do close at .095, that number will vanish in pre-market trading...imho.
Nasdaq Listing Requirement, link:
"For initial listing on the NASDAQ SmallCap Market, the preferred stock must have three market makers and meet the minimum $4.00 bid price requirement. For continued inclusion, the preferred stock must have two market makers and meet the minimum $1.00 bid price requirement. [Marketplace Rules 4310(c)(01) - market makers and 4310(c)(04) - bid] See Listing Requirements and Fees (PDF). "
http://www.nasdaq.com/about/FAQsOther.stm#1
You can sell, but if you purchased in the last week, those funds will probably not be available to you for three days, even with a margin account...because the shares aren't really yours, yet, until they do the conversion.
You are, in essence, selling shares short, until your LFWK shares are replaced with SLJB shares.
If you sold, you could miss the opportunity to buy back in if it really began to run, while you wait for the funds to settle.
Just an FYI. Check with Ameritrade or Etrade supervisors in the "reorganization" department.
Several major hurdles have been crossed by this company, which adds greatly to investor confidence:
1) the merger has been finalized, complete with ticker symbol change
2) financials are to be posted imminently, with better than expected earnings (public posting of financials will be very important, but it is now clear they are on their way)
3) PRs have been released in a manner designed to promote PPS.
4) any rumor of a reverse split has been completely laid to rest in print.
These things, in my mind, have given added credibility to this firm's management, and should clear the way for additional PPS to be supported.
Bravo, SLBJ for handling this reverse merger so intelligently.
"For initial listing on the NASDAQ SmallCap Market, the preferred stock must have three market makers and meet the minimum $4.00 bid price requirement. For continued inclusion, the preferred stock must have two market makers and meet the minimum $1.00 bid price requirement. [Marketplace Rules 4310(c)(01) - market makers and 4310(c)(04) - bid] See Listing Requirements and Fees (PDF). "
http://www.nasdaq.com/about/FAQsOther.stm#1
Yup...those numbers really change many things.