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I hear you, I don't want to go through it so I hope they either get the 10K or announce a buyout. A buyout would force covering and the squeeze would be on.
I think they are working very hard to get it out by Monday morning, and if they do, that we will see some PR's that should start the cover and squeeze thus getting rid of the shorts by the closing bell on Tuesday. Then they can go forward with their RS. If the 10K will not be out by Monday morning, then I believe they will recind the RS, or as some are saying, announce a buyout. There are a lot of people who will get out before the RS, but if I am wrong and they don't get the 10K but go ahead with the RS anyway, then I would imagine there would be some selling post split.
SM told me it is because they are replacing the supply with the new packaging that includes both the English and Spanish language. Here is his e-mail:
Yes there getting the new packaging in spanish and english 75000 more units it starts in 9 15 2009 new in by cloumbus day
Sent from my Verizon Wireless BlackBerry
Someone posted yesterday that they called and verified that there is no waiting period, if I remember right.
It probably would, but I believe the Company wants to get rid of the shorts before attempting to get on Nasdaq.
Not every fact posted on this board has a link, but to make you more comfortable, I'll add to my post, "IMO".
Here is why I don't think there will be RS:
The purpose of the RS was to help them go to Nasdaq. If the pre split price is .15, the the post split price would be $15. The Nasdaq has agreed to allow them on the Board if they maintain $5 for 5 consecutive days.
If the split takes place Tuesday night, then they will open up at $15 on Wed morning and that will be day 1 of the 5 days required, then day 6 will put them on Nasdaq. But.....they can't go to Nasdaq if they are delinquent on their 10K, so they would have to try and maintain the price above $5 until the 10K is filed and that could take weeks. In the meantime the shorts would be working hard to drive it below $5.
Therefore, I think they need the 10K filed before the RS.
Now, if they get the 10K before Tuesday evening, then fine.
Also, I think it is imperative that they have a forced cover to eliminate the shorts before the RS. No way they would want to try getting on Nasdaq with 1.5 billion naked shares on their back.
Because it would start the BIG SQUEEZE. There would be no better way to insure that shorts had to cover and when they do it would truly be a MOASS, imo. We would be able to get what we want for our shares.
OK, thanks.
Denise, check your PM.
Who was it on here whos wife works at a Walgreen Store? Anyone remember?
Nobody is disputing that this Company is making all the right moves and is growing by leaps and bounds. The problem with this company is not the fundamentals, the problem is with its stock. And we are stock holders. Out profits don't come from the figures on the Balance sheet, our profits come from the value of the stock. If there is manipulation of our stock to the point that its value is jeopardized in the eyes of others who would buy and sell our stock, then our investment is also jeopardized. Usually a Company's fundamentals will overide any negative stock manipulations, but when you have 1.5 to 3 billion illegal shares, you encounter powerful forces that will do anything to ensure that their investment does not become threatened. As we have seen over the last year, they have done a very good job of protecting their investment at the expense of out investment.
I have said it before and will say again, the crooks here are very good at what they do and they are much smarter than we give them credit for being. They will not lay down and give us their money without a fight. We are seeing that right now in the share price. Only management can take the steps necessary to beat them and they seem reluctant to do that.
I have heard for over a year now cries from management and friends of management that we should not be ignorant wussies with a lemming mentality and blindly accept what management promises to us. I gotta tell you, I'm not ignorant, I'm not a wussie, and I'm not a lemming (nor is my mentality), but I have been led on. That stops tonight. I will hold accountable any Company executive or their spokespeople for the actions or inactions they take that are in direct opposition to that which they have a fiduciary duty to me as a shareholder of their Company.
I think you are right. If they do not get a squeeze started, then they will never do the RS. After the RS they would have 5 days to stay at $5 and then Nasdaq would let them on. So, if they did the RS and they still had naked shorts on their back, they would go to the new pricing on Wed morning and that would be day one of the 5 days needed. The shorts would beat the hell out of the stock and tear it down as fast as they could. On top of that, even if they lasted the 5 days at $5, they couldn't go on Nasdaq because they would still be delinquent on their 10K. I say if squeeze doesn't happen by Tuesday morning, there will not be a RS.
So are you saying they cannot do a Reverse Split if they are delinquent on the 10K?
I know this has been answered but, can they do the Reverse Split if they are delinquent on their 10K?
That's a good question. He hasn't posted all week and before that he posted every day. I find that very strange indeed.
Can someone who is good at this stuff contact Delaware SOS and ask if SPNG has notified them of recinding the RS.
His thoughts are just as good as anyone else's, and I liked the article. Everyone can make up their own mind.
Good article on the current situation with SPNG:
http://50centinvestor.wordpress.com/2009/09/16/spng-delinquency-rs-etc-short-long-term/
My ST shows 151 mil. Wierd.
Now my volume has dropped back down to 150 million. What the hell is going on with the volume today.
Sorry Mike, I see where you got it now, I thought you just made it up. My bad.
When you dummied that up, you screwed up and put the wrong date, lol
Does anyone know what the real volume has been today? Mine was sowing 157 mil, then it dropped to 112 mil, and now since then has done another 46 mil so we should be over 200 mil for the day.
I could have sworn that earlier I saw volume of 153 mil, now my Scottrade is showing 112 mil. Anyone else?
Damn good post Digs.
Thanks Rhino.
They file electronically. There is not someone on the other side pulling up each filing and checking to see if everything is correct. That's what auditors are for.
What are they trying to finish? I thought all they needed was a signature from the old CPA firm.
So then why are Furth and Soapy contradicting that? Makes no sense. Someone is lying.
Not sure, check e-mail.
Wadi, where did you get that SM is refuting it?
SM replied today that all shares, legit and air shares get reversed.
Yes, but with a net loss of 3.2 million for the quarter, it does not justify the stock price.
That is indeed enough to make a grown man cry. Amazing how all these no profit companies can command over a dollar stock prices and here we are.....pitiful.
Good post No_Bs. Nothing more needs to be said.
Nope, not much time at all.
Because if the shorts are still around they will dedicate all their resources to take it down. They would have less shares to cover and now they would try to drive the price down to limit their liability to as low as possible.
I think I would be correct in saying that the app has already been filed and the final terms to get on Nasdaq have been given to the Company. They know what they have to do to get there.
I will answer this for coffe02 and everyone else. There is a huge need here for everyone to understand that we do not own legitimate shares of the Company, we own air shares. I hear people saying "When we get to nasdaq we will be rid of all this OTC crap with the manipulators". The point is "We will NOT be going to nasdaq", we will have to be taken out. The Company cannot go to Nasdaq with a billion naked shares on their back. Our concern is that we want to be taken out via a squeeze BEFORE the RS, otherwise post split our shares start losing value and it will take an increase in price of 100 times what it would have pre split.
We are in a crunch situation here, and SM needs to provide the impetus for a hard cover and squeeze this week. Also, we need for the company to keep the share price up and not let it drop any further.