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That's only if they convert. If they hold those as control shares, which they have been doing so far, then it remains a low float stock with nearly 100 million in revenue, and maybe more as of 2022.
Tim Evans is President of Tradition; I don't think that's the same as being President of APSI, which appears to be being used as a holding company. That leaves room for future acquisitions of complementary companies side by side with Tradition.
Shorting?
Or maybe they're being very careful to do everything by the book, including filing audited financials.
To add to what others have already replied, it looks like the share structure is being 'updated' daily on the OTC Markets, but it hasn't had any meaningful changes in ages. The only thing that has changed in months is the dates.
I suggest googling it. I was speaking from personal experience in the industry, and don't care to discuss the companies I've worked for.
Here are a few articles. They're far from the only ones:
https://www.supplychainquarterly.com/articles/6374-private-equity-investors-show-continued-appetite-for-trucking-fleets
https://www.freightwaves.com/news/best-warehousing-and-transportation-acquired-by-private-equity
The funny thing is that private equity LOVES trucking and other types of freight. It's a steady, reliable moneymaker, and they tend to snap those companies up when they come on the market if they have any significant revenue / market penetration at all. It's possible that Tradition was just a little too small for them though.
I expect to see some funding for this deal before too long, but don't know for sure.
Noted!
It's not really about the current CEO at this point. They have filed a very detailed super 8K stating that there is a very large acquisition happening. If it is in some fashion a scam it will be very very very visible to the SEC so it is not in any of the controlling participants' legal interest to run it counter to the interests of the shareholders.
Either find out if it's a scam or a black swan event with your money in, or while sitting on the sidelines. It's your choice. But we aren't financial advisors, and we especially aren't your financial advisors.
Congrats! Well done!
Doesn't mean certain people won't try.
But yeah. This is going to be a fun ride :D
When did you invest? Is your investment long or short?
Who said anything about other shares? It looks to me like you and StervC are in agreement and talking past each other. Most of this is old news to people on this board, many of whom have been watching for 6 - 24 months.
The CEO retired shares /cancelled shares after a decision by the court, which is easily visible in past filings from last year. Don't get your panties in a bunch about the language used by posters on a message board. Probably very few of us (if any) are lawyers or investment professionals.
Google it.
I think it's been that way for the last year, since the form 10 was filed in fall of 2021.
I think the super 8K will cure the shell status, since it documents the financial state of the incoming company and the completion of the merger all at once, so that there is proof of a real business.
Meanwhile I think the shell status has to be on there to make sure everything is correct and in order at the time of the merger, since it is in fact still a shell until the merger closes.
Interesting. Thank you.
Not much. First, most of the articles now say the so-called shortage is easing as inventory storage is starting to increase. Second most shipping companies pass the costs of fuel on to customers either as a straight line item in a bill or as a cost-plus charge, so having higher prices doesn't hurt them. It's very common to see a Fuel Surcharge on shipping bills from all kinds of freight companies. And if they bill it as a cost-plus item, a lot of shipping companies actually make money off fuel by charging their costs for the fuel plus a percentage. If they take this approach their business can become more profitable as fuel costs rise... which, not coincidentally, tends to happen when there's a supply squeeze.
Source: me. I don't know anything about this merging company specifically, but I worked for 15 years at another freight company as a software developer building their data systems, including billing systems, and just departed that job this past summer. That company did in fact take a cost-plus percentage in their Fuel Surcharge; their over-all profit margin ran from 20% under bad circumstances (slow economy, low fuel prices) to 30% under good circumstances (fast economy, high fuel prices). Done well, freight can be a reliably profitable business.
Just going by the market makers.
Someone seems to be assuming a reverse split. It's likely why there's still a short position here. Idiots.
Check twitter. Read the board. There was an update from the company.
Well, I don't think so.
It means that once the definitive agreement passes legal review and the super 8-K is complete, they are going to close the transaction more or less immediately.
The LOI paperwork came out in early October (10/7/22). Definitive agreement should be soon, and they need to file within 3 business days after it is signed. Original target date is today (plus X for filing).
I think ihub just changed a lot about how the interface works.
Sweet moves today APSI :D
Agreed 100%
There are 2 Georgia warehouses :D
No joke.
https://images.squarespace-cdn.com/content/v1/625edffeaf49807a883d2002/5a27a5a5-f7e8-4841-9dc6-3fb0064cc973/Service+Map+with+Color+box.png?format=2500w
This image is on the page for the Savannah Warehouse on Tradition Logistics. Appears they have a pretty big network of warehouses. Read the page. This isn't small.
https://traditiontrans.com/savannah-warehouse
Gotcha. Thanks for clarifying.
Agreed!
To be sure, you'd have to ask them that.
But it looks to me like they are extending the growth between 2020 and 2021 forward. Revenue apparently went from 49M to 95M between those 2 years, so folks appear to be guessing another 50M increase in 2022. They might be right. But the company has said nothing like this.
I'm in; I'm VERY optimistic, but I don't see a need to inflate expectations. This is what the company DID say on July 6:
Saturday lunch meeting update: Discussed target company's operating divisions & revenues which increased from $49mm in '20 to $95mm in '21 ('21
— APSI - Aqua Power Systems Inc (@inc_apsi) July 6, 2022
audit not yet complete) as well as plans for expansion & growth. Transaction structure discussed. More $APSI updates as they occur.
I think the only number provided by the CEO was 95M, which is still very very good. But yes!
SWEEEEET!
That's my interpretation.
Hope so!
Whoo hoo! Going to the mooooon!
Love it when brown shorts get religion!
/s