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Lesson learned. You and me both. Don't buy more penny stock than you can afford to lose. I think we'll get more than $1 though. I'm going for $1.50. We may be able to join a lawsuit against FSPM if that happens. SEC though? Nope.
Correct. It was the same with CANN. Suspended at $30, could have sold at $20 at around 4 hours into the first day. It's a loss which always sucks, but it's not a total loss.
I agree Janice, I'm out. Sold all my MJ stocks today. Except of course FSPM, only because I can't, yet.
Not quite that bad. If you sold cann on day one you could have gotten out with a 33% loss, phot a 45% loss. I figure 50% is a safe bet.
You might get $1.50 on the first day or two when trading resumes on the greys. The shorts will be trying to cover and newbies will buy thinking they are getting a great deal. That will keep the PPS up early on. Don't sell first thing in the morning, It's going to open crazy low. Wait for the spike. I've studied suspended stocks just in case one of mine gets nailed. Now that has happened. I'm screwed just like the rest of you. All we can do is try and minimize our loss.
Don't get sucked in to "it will somehow recover", it won't. All you have to look forward to is decreasing PPS and decreasing volume. After a few weeks or months, you won't be able to sell at any price.
Whether the suspension was right or wrong doesn't matter. This is just the reality of what happens with suspended grey market stocks.
Love it:)!
You have a "feeling"? You are awarded my once a day response. "Come-on man"?!
Yea, I heard that on a message board too. Must be a fact. And PHOT's goin to a dollar n' stuff.
Yeeaaa, but, plenty suspended OTC stocks have tried to get off the greys. Historically, it just doesn't happen...
They are a real company. They can continue business as usual as a private company. It's just their stock that will soon be worthless.
Growlife does not make any profit from their stores.
However, by filing, at least they are trying to get off the greys. That gives hope to investors. Because investors are their only source of actual $.
PHOT being suspended is like a sinking ship. Most passengers bailed to the lifeboats ASAP, but some folks refuse to believe the ship is sinking because they do not understand that the ship is taking on more water than the bilge pumps could ever pump out. Lifeboats are still available, but are becoming smaller. And to compound the problem, there are people who are currently safe on shore that want to go aboard the sinking ship and go down with it.
It is human nature to try and save fellow human beings from needlessly drowning. That's why I post here. And I suspect that is why some other folks post here and get labeled "bashers".
Not going to happen. Here is a gift, educate yourself.
promotionstocksecrets.com/the-sec-just-suspended-my-stock-now-what/
Isn't that a pay site? Are you here soliciting members?
PHOT is just doing what suspended grey stocks do. Decreasing volume, decreasing PPS.
First week after suspension;
avg daily volume 26.8 mil
avg PPS at close .176
Second week;
avg volume 10.7 mil
avg PPS .148
So far this week;
avg volume 8 mil
avg PPS .11
Any one see a pattern here?
I know. In a perfect world.
Historically, that's not how it goes though.
I cannot return private messages though.
Good post China. Everybody needs to read this. The skull and crossbones are there for a reason.
I have FITX also. If you can afford to lose your entire investment in PHOT, then by all means, stick to yer guns. I'm stubborn that way too.
It doesn't even matter how low the PPS goes. Eventually there will be no buyers. If ya can't sell it, what is it really worth?
You're going long on a grey market suspended penny stock? Really? Come-on man...!
There are no good outcomes for suspended OTC stocks.
Do a little research. You'll see.
You are correct sir, not 100% fail, but more than 99.9% do. Many experienced ivesters do not know what happens to a suspended OTC stock unless they've been through it before.
Google "The SEC just suspended my stock now what". That article is a good place to start your research.
It was damage control.
I agree Chief. I wouldn't sell any stock at a loss. I'm stubborn that way. If it goes to zero, so be it. I have no control over that. But I refuse to sell and lose money on purpose.
Buy a suspended grey market stock? Ha! Not in a million years!
Sincerely, sierrafoothill, formally known as QM1 sierrafoothill.
I think it's a lot of people's first grey market stock. Even some of the usually savvy folks don't seem to know whats going on here. I just cringe when when I see someone still post "why is there no bid/ask?".
Stockman, have you read the article "The SEC just suspended my stock, now what"? Just google it.
It looks like there are a lot of seemingly experienced investors here that just don't have a clue what happens when a stock gets suspended. That's understandable, I mean, how often does it happen?
Try a google search "the SEC just suspended my stock, now what?". That would be a good article to start with.
Flipping penny stocks is dangerous enough. Grey stocks? No way. Can't buy and sell in a timely manner with the greys.
It's only been 2 weeks. Not enough time for the crickets yet. I am surprised the PPS is this low this soon though. Crickets take weeks to start chirping. PHOT is wildly popular so the volume may hang in there longer than most. The big sell off is disturbing though. CANN is still around 50% of it's pre-suspension PPS. PHOT is down 80%.
I was thinking the same thing, but you nailed the analogy. The highs hovered there for a few days. There was plenty of time to get on that lifeboat. But nooooo! "It's not sinking, it's going back up n' stuff". Now you'd be lucky to cling to a floating piece of debris.
I've been telling folks what happens when a stock gets suspended. To use your analogy, a suspension means you have a giant hole in your ships hull. The ship will sink. It's only a matter of how long it will take.
Growlife will continue to operate their stores, and continue to lose money until they can't anymore. While they're stock withers on the vine on the greys.
Doe's anyone really buy a suspended grey stock to hold long term? On purpose?... Really? WOW!
PHOT is a wildly popular stock. It won't wither as quickly as most suspended greys do. It will wither on the vine though. Over 99.9%% of the time they do.
#1 You can't short a grey stock.
#2 A grey market stock, is not a good stock.
It bottoms out when there are no more buyers. If you can't sell it, what is it worth?
Yea, we're cool. If ya can't disagree about a stock with a total stranger, who can you disagree about a stock with.
And yea, I laughed again:)
I admit when I am wrong, that's all. A lot of people here haven't even done basic research on what happens when a stock gets suspended apparently.
Unfair, there is no correct answer to that question! It did make me laugh though:)
Because I only did a basic google search at first. Instead of of 1 out of 1116. It is actually 2 out of 1837, as of 3//8/2014. That makes it a 99.89113% fail instead of 99.911%. It got better...
Nice rebuttal Kristi:) I like a debate. Turns out my numbers are only from 1/1/2010 thru 1/1/2012. His are from 1/1/2010 thru 3/2014. 2 in four years? Do these odds sound good?
I'm surprised too. I was thinking PHOT's volume would stay up longer than usual because it's so wildly popular.
It was slow day in the MJ sector though.
I know huh. The odds are getting even worse:(
You are correct sir. I used the word "fact" when statistically the odds are only 99.911% against it ever getting off the greys. 1 out of 1116. My apologies.