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Greetings from the "ChuckBits guy". I am out of town visiting family posting from phone...
Yesterday you still thought I posted false info regarding the voted on, approved, & filed with FINRA, 1-70 RS over a month ago on Feb 1. Today I see you acknowledge it. Apology accepted.
Why would you doubt me regarding who & when warrants can be converted? I am a warrant holder who has not been contacted so obviously not agreed to anything. The S3 warrant filing clearly states VPCO must be at least trading on OTCQB to meet equity conditions for conversion. Go read it. The 8k filings around Feb 18 show that only about 5% of total warrants have been converted. Read them too. Based on what I just typed, it is not my opinion, but FACT that about 15% of the warrants can be converted the second VPCO reaches OTCQB or higher.
If you wish to speculate a nonsense buyout or whatever, fine. But what I've said to this point is fact.
Just as long as you know there already is an approved & filed 1 for 70 RS, right? The proxy from this AM was to move the date for the SECOND RS, to be done on top of the 1-70 or instead of it.
Exactly what is the "false information" you & some others keep referring to?
Cash of 33 is over stated by at least 5 million. In any event, how much cash would they have if they paid off all the warrants?
FWIW, warrant holders can't convert any ANY PPS level until VPCO is at least on OTCQB.
They also claim "no insiders purchased units" (now warrants).
Rain, they actually imply they will do both! The 70 is already filed and could be done at any time. However, I don't think they will allow the 20% to convert before those who agreed to the standstill so everything will likely happen to be "on" QB by April 15.
The only "positive" possibility I see is regardless if the jumbo RS passes or not, they announce they will "only" do the 70 & cancel the jumbo?
Meeting has moved to 3/21, 10am.
Warrants can't be converted while VPCO is Pink. Pps & volume don't matter.
They "do" need to pay the warrant holders. Either in cash, which they don't have enough of, or shares. As soon as they reach OTCQB level, even if that is before April 15, the dilution will resume.
Simply stated, they can't issue any shares to warrant holders while they are trading on the OTC Pink level regardless of the pps.
The S3 warrant filing clearly states "minimum OTCQB", nothing about .01 pps. It's part of the " equity conditions ". I read that too. So conversions can't resume at "any" pps as long as they are pink...
Yes, just multiply the 500m by 2 & you'll be very close to the OS.
Yes, I believe I said that. I think my point was if they get to QB before 4/15 the 20% can begin to convert immediately, but I'm really tired now in case I didn't make sense!
I think the key point you and others may be missing is the reason they need to uplist is so they can pay (with shares) the warrant holders. If the pps is around 1 penney & they make it to QB, & the conversion resumes, based on the number of warrants remaining it would take about 5 minutes for the pps to reach the trips again. IMO there is NO WAY they don't RS.
Thanks. I knew I'd be attacked but couldn't help it.
I believe that is true regarding the preferred shares but there are way less of those to wory about. I haven't attempted to convert my preferred.
"If" there really is a standstill with the 80%, then only what remains of the 20% could convert. However they must be on the QB for that to happen. I would love to know what was offered in the standstill? Why no 8k with the details? Also, NOBODY attempted to contact me about a standstill so I can say with certainty they do not have 100% agreement until April 15.
I thought I was getting in early on the whole e-cig/vape thing to replace tobacco. I also own ECI*G. Obviously I screwed up here. I blame myself, I am not whining about it.
I still have warrants and some recently purchased shares & I'm trying to make some money back.
I don't understand why people seem to get offended when someone points out wrong info, not opinions, but flat out wrong info?
I have a sell order in at .008 to cover my cost. In any event, I plan to be out by March 15. If I let anything ride after 3/15, it will be tiny.
I missed that, thanks.
I own shares & warrants so I realize it's stupid for me to post the truth, but I can't help it. Fortunately nobody will pay attention to what I'm about to post:
The 1 for 70 is already approved & if done, must be done by 3/31. VPCO has reiterated in EVERY filing recently that they plan to do it, INCLUDING the most recent proxy for an ADDITIONAL RS of 10,000-20,000 for 1.
If the "jumbo RS" is not approved on 3/15, IMO they will immediately execute the 1-70.
There is NO 30 day waiting period! Where does this stuff come from? Don't believe me? The most recent RS was on July 9, 2 days after the vote on July 7th.
The proxy also states they need to be above .01 cent for at least 5 days, not 10, not 30, 5. If & when they get to QB, it will take about 5 minutes for the warrant holders who didn't agree to standstill (me) to resume converting.
VPCO's biggest priority for survival is to pay or settle the warrants. They're lucky if they have $25 million cash & about $75 million is needed. The easiest way they have to do that is to RS the crap out of this & issue shares.
This play is NOT going to April 15.
One final tidbit for anyone looking for a "retracement" to the lofty January levels. Jan high was .64 on Jan 4th. The O/S was 10.3 million then. Today it is 888.9 million. That is a factor increase of 85.7. .64 divided by 85.7 = .0075. Coincidence?
73,278,974 = warrants outstanding Feb 18 (post standstill)
$1.0822 = most recent b/s value
.10 = hypothetical PPS
793,025,057 = shares required (give or take 1 or 2 shares)
I can't find anything about "30 days"?
Where are you getting the "30 days" from? I can't find that in the proxy...
Anything can happen here in the short term, but there is NO WAY 20% of the warrants were converted! The filings and an O/S of about 1 billion say roughly 5% were. IMO, it is more important to watch for an uplist to QB than it is until April 15 since nobody can convert down here in the Pinks.
No. I mean the "details" of the "AGREEMENT". What did they agree to? They were TOLD no more cashless shares. Why agree to not take cash option? (Other than there isn't enough for everyone)
Does anybody wonder what they could have possibly offered for warrant holders to "standstill"?
Why hasn't the "agreement" details been 8k'd?
I hold a relatively small amount of warrants in 4 separate accounts with TDA. (6,500 total) Me, my wife, regular, & IRA accounts. I am also signed up to receive IR direct from Vapor Corp. Nobody has contacted/attempted to contact me regarding a "standstill agreement".
Just saying...
A / B = C
A = BSV (Black Scholes Value of 1 warrant, recently $1.0822)
B = PPS of VPCO closing bid price 2 trading days prior to conversion request.
C = Number of shares
1) Delete your i hub account.
2) Just get your f'in keys n cruise up da block. (and don't look back, just keep going)
IMO
They just reiterated on Wednesday they will do the "already approved" RS to meet the "equity conditions" required by OTCQX/QB & to satisfy the warrants. It's a temporary "standstill", they still need to pay the warrant holders.
I "assume" that is correct? Might be some lingering or small conversions yet? I was told by TDA rep it could take 2 or 3 days or a couple of weeks to receive my shares. Then I read something in a filing that company "must" honor request within 2 days. Maybe requests made yesterday will be honored but I seriously doubt mine will.
Important point everyone seems to be missing: VPCO stated in release yesterday "they no longer meet the equity conditions required to issue company stock". "Therefore, the company can NO LONGER ISSUE STOCK in lieu of cash". Technically, the warrant holders only agreed not to "request" conversion since they wouldn't get shares, company would be forced to pay cash, & they have nowhere near enough!
They are trying to get OTCQX or QB status by April 15. They WILL do the 1-70 RS & I would say it could come ANY TIME.
No idea what they could had offered to prevent a run for the cash?
I requested conversion today before I read the details. TDA didn't know squat. Very unlikely I get shares? Maybe cash but I sure won't put a dent in their $28 million on hand. Had I made the request 2 days ago I would have received millions of shares. Oh well...
FYI All: I called TDA today to convert my warrants. The rep couldn't confirm how many shares I would receive. Also said the request could be denied or "modified". Said it could take 2 or 3 days or 2 or 3 weeks.
So, I don't know if, when, or how many shares I will get so I can't even short (if I wanted to). Suks for me but this looks like more good news for shareholders.
I thought it was obvious! But since it looks like at least a few posts were deleted, I guess not, geeze... It does suk however that right after people start talking about revenue, pre-10k report hype, & an investor conference, the pps tanks below .20 cents.
Breathe in through the nose, out through the mouth...
The "jinx" was put in yesterday when everyone started talking about bust-out revenue. I think revs will be down 20% to about $12 million.
There, that oughta do it.
Sorry, wrong. Except the "chapter 11 part", then everyone loses.
As of December, they had about $28 million in cash & equivalents.
As of "last week", there were 73.6 million warrants outstanding. VPCO is obligated to pay 1.08 cash for EACH warrant or the equivalent in shares. So, they would need $79.6 million in cash to settle all warrants.
Someone tell me again how awesome it is that they have a " ton of cash & no debt"!
If the pps were to hit .01 cents, my $3,300 worth of warrants would be worth $116,951 dollars! Yeah, this is gonna "run" alright...
I was just thinking the same regarding the timing!
The positive thing that I see is that they are at a point where they are at least comfortable letting potential investors take a closer look "under the covers" if you will.
But just to keep the expectations real, "Vapor Corp." has been a presenter here the past 3 years. Simply being at the conference along with hundreds of other companies looking for money doesn't necessarily translate into anything...
Geeze, thanks. The problem with your logic is BK would EQUALLY screw "non-shorting" warrant holders who haven't converted yet (like me), & shareholders, like you.
The only ones who would BENEFIT from BK are those who shorted since they would never need to cover! Think.
Great analogy. Waiting for this investment to bear fruit is like waiting for the return of G N' R! They've been "getting the band back together" since they broke up in 1993...
Greetings... For the record, I think this company sucks and management is either retarded, corrupt, or both.
The company had debt & a failing business model. The units raised $41 million, VPCO got $38 million of it. Paid off debt & changed from distribution to brick & mortar retail model. They acquired something like 30 retail locations. This was possible ONLY because of the cash raised from the units.
They should have had a no short clause. Those who shorted made money, but the numbers don't add up to any where near 28 million in profit. When you elect to convert, you get shares based on pps from 2 days prior. With a drop everyday, this works against you. If I had converted all of my $3,300 in warrants on Thursday & immediately sold at .0006, the gross would have been $2,800 for a $500 loss. If I got .0008, would have been a $400 profit. Not a killing.
I do not "want" an RS, which minimum is now 1-10,000, but I have no choice in the matter. I also do not agree that my warrants hold no risk! Especially at this point!