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I changed my bid to .249 around noon today. Got 6,700 shares at 2:15. Cheapest shares yet, should be "happy" but avg at .82 means I have a way to go...
I just want to let everyone know why the PPS dropped & why it will drop a bit more:
I had a small buy fill yesterday at .28, hence the drop to .26ish.
I just made another buy at .2651 so .24 - .25 should come soon.
If you're looking to buy more, you're welcome...
I think you know I'm not the one who ever mentioned an SA article so I have no idea? If there is one however, I'd love to see it too!
Ok, I'm really not upset but respectfully feel you were a bit rude with your "wrong again" & "misinformation" comments directed at me & it's ok you can't let that go.
Yes, proposal 3 "does" mention the issuance of 1.79 million shares. But your post #5295 that snapped at me is where YOU mentioned an older filing about 6 million shares! (which was actually 5.6) YOU are the one who referred to the wrong filing!
I'm done, GLTY
Yes, I think I disagree!
The "most recent" shareholders meeting on 10/16 that was mentioned on 10/19 is what people were talking about. Austin P. referred to the 5 proposals and asked "does more shares mean they won't do a reverse split"? The conversation went on from there.
The meeting was to disclose the results of the proxy, which is what I referred to. Specifically Proposal 1:
PROPOSAL 1.
AMENDMENT TO OUR CERTIFICATE OF INCORPORATION TO INCREASE OUR AUTHORIZED COMMON STOCK FROM 150 MILLION TO 500 MILLION SHARES
PROPOSAL 2.
AMENDMENT TO OUR CERTIFICATE OF INCORPORATION TO INCREASE OUR AUTHORIZED PREFERRED STOCK FROM 1 MILLION TO 5 MILLION SHARES
PROPOSAL 3.
ISSUANCE OF 1,798,676 ADDITIONAL SHARES OF COMMON STOCK
PROPOSAL 4.
AMENDMENT OF 1,442,126 WARRANTS TO REDUCE EXERCISE PRICE TO $1.10
PROPOSAL 5.
AMENDMENT OF CONVERSION PRICE OF $1,250,000 ORIGINAL PRINCIPLE AMOUNT OF CONVERTIBLE NOTES TO $1.10
I can not find mention of the 5.6 million additional shares "issued" that YOU referred to since the Aug 31 prospectus? There was nothing said of these shares at the 10/16 special meeting.
To be fair, since there have been a few "additional shares" filings, I will retract the word "CLEAR" from my original comment since it obviously isn't! I do believe I was the one on track here and would appreciate your retraction of saying "Wrong again" & that I posted "misinformation", or show me where I was wrong.
Peace?
No problem. I doubt I'm the only one who finds the recent filings along with the "units" a wee-bit complicated.
Are you not referring to a filing and verbiage that has nothing to do with what I posted? The 5.6 million share offering is specifically for payola to insiders and others. As you pointed out, the effective OS of "that" filing "EXCLUDES" shares related to the units. The units offer their own dilution.
The following was copied directly from the proxy as to why they wanted to increase the A/S to 500,000,000 shares:
Overview
We may issue shares of capital stock to the extent such shares have been authorized under our Certificate. Our Certificate currently authorizes us to issue up to 150,000,000 shares of common stock and 1,000,000 shares of preferred stock. No shares of our common stock are held in treasury.
In July 2015, the Company closed a registered public offering of units of the Company’s securities consisting of one-fourth of a share of the Company’s Series A Convertible Preferred Stock (convertible into 10 shares of common stock) and 20 Series A Warrants, for gross proceeds of $41.4 million. Pursuant to the underwriting agreement entered into in connection with the offering, the Company agreed to seek shareholder approval of an amendment to the Company’s Certificate increasing authorized capital to 500,000,000 shares. In addition to complying with the Company’s contractual obligations under the underwriting agreement, the Company also believes it is in the Company’s and shareholders’ best interests to increase authorized capital because of certain provisions of the Series A Warrants sold in the registered offering. The Company does not presently have sufficient authorized capital to issue shares of common stock upon exercise of all outstanding Series A Warrants. If the Company continues to lack sufficient authorized capital to issue shares of common stock upon exercise of the Series A Warrants when such warrants become exercisable, the Company will be required to make cash payments to warrant holders upon exercise. The Company believes it is advantageous to the Company and its financial condition to have the ability to settle warrant exercises with the issuance of shares rather than cash payments. Increasing the Company’s authorized common stock to 500,000,000 authorized shares will give the Company this flexibility.
Isn't that the exact reason I stated for the increase? And if the PPS drops to half of the .54 in my example to .27, the 40 shares from cashless exercise becomes 80 shares, right?
I apologize in advance if I have this wrong, but I don't think so?
Thanks for all the responses. I didn't anticipate some of the decimal point precision answers or the detailed explanations but that's cool.
Keeping in mind the "rule" was reach .43 by Nov 10, that would be a 50% increase from today's close of .285, exactly a 3 week wait. So for anyone who said or is thinking "10", why wouldn't you sell everything you own to raise cash, including a kidney, & take out a second mortgage, max the credit cards, & buy as much as you can?
Now we're having fun!
Just thinking: Many people ask "where do you see the PPS by (pick a date)"?
It also appears regardless of if you're a trader or investor, you think we'll at least reach about .45 at some point, right?
So, assuming ECIG reports after the close on 11/10...
On a scale of 1 to 10, with "10" being "absolutely", what are the chances the PPS hits .43 BEFORE the report?
TIA
I thought it was clear the additional shares were needed for the warrants associated with the units? Remember, there is a "cashless exercise" option using the "black scholes" value which I believe is $1.08 each.
So, in addition to receiving 10 commons for each unit, you get "20 warrants". However, using the b/s value of 1.08 and for a simple example assume VPCO is trading at .54 cents, you would get 40 shares from the warrants. Total shares of VPCO issued for ONE unit is 50.
20 x 1.08 = $21.60
$21.60 / .54 = 40
They aren't going to hand out $21.60 in cash, but they will hand out 40 shares. Hence the need for millions & millions of shares. Forget about needing to be over a buck to stay listed, VPCO needs to be around $2.25 to avoid issuing tons of shares.
I think I am right or close how this works but welcome any corrections...
"Should show"? I hope you meant "better show increased revenue"! Can you imagine the PPS if it doesn't?
That is a big difference, right? And I know the "change of control" stuff was in the original, so why did they reiterate it, like in the second sentence of Anderson's amendment?
I apologize for the appearance of "starting something", like I said, it just jumped out to me!
Maybe? For the record, I "know" nothing! It's just that after the change from 3/2 to 1/1, the "change of control" jumped right out at me. It's mentioned rather prominently (IMO).
I was once hired as an IT Director for a $10 million company that was a former client who was "trying" to be bought. I was part of upper management so I had a contract. There wasn't much to my contract except special bonuses if there was a "change of control". Everything we were tasked with was making ourselves more attractive for a buyer. So, they may not have a buyer, but maybe want to make it a bit easier for one?
It's the "change of control" line that stands out to me. Which as you say is a form of "termination". This makes it cheaper (more attractive?) for the acquiring company by quite a bit when you factor in salaries & bonuses, etc. It's now 1/3 of what it was with respect to the "big 2".
There's my conspiracy theory for the weekend!
I'm anxious too, but personally, I refuse to set myself up for disappointment. The comment came from Louise Stamper, the "commercial director" for VIP. In the US, this is the "marketing manager" or a "salesperson", right? Would the Mansour deal be coming or leaked from here?
The same word "prestigious" was used for the New River Retail deal as it was for the coming news. I'm thinking it will be expansion via more kiosks into another brick & mortar retail chain, maybe a high-end kind of place or places. As far as I'm concerned this would also be very good news.
I would love to be wrong and hope it is Mansour, just keeping it real...
I thought the only way shorts could "exit" was by buying? I blame the Pope.
But the just "updated" company profile lists Grand Rapids as their address!
(re: company profile tab on OTC site)
I don't think you are correct regarding the filing. Remember, the "failed uplist" was to NASDAQ in mid 2014 & the request was pulled mid December 2014. Some of the requirements to QB are (a) to be "current" as of the most recent fiscal y/e which is why the reference to Dec 2014, (b) signature of CFO (on the report), (c) an updated "company profile" which is also on the report as of 9/1.
This does appear to be a request to upgrade to QB. Click on "company profile" on OTC site & you will see a "green check mark". For some irony, the recently updated company profile shows their address as Grand Rapids, MI...
I took another look at the SEC rule. It states the determination to "enter" into accelerated is made after the company's 2nd fiscal quarter. Hence, ECIG entered Q2 2014. They no longer qualified as accelerated after Q2 2015, but the "exit" rule states if they no longer qualify after said quarter, they must remain accelerated until that fiscal year end.
Therefore, it appears they are indeed required to file as accelerated Q3 2015 & 2015 year end. I respectfully retract my previous statement that they are "definitely" no longer accelerated!
Thank you Dudeness. With that said, by my rough calculations, lets hope we are trading above $1.50 with same O/S at year end and remain/return to accelerated!
I'm going with memory, which is bad, but I recall an addition to the accounting staff. I also think it was part of the reason they actually filed on time last quarter...
ECIG definitely no longer qualifies as accelerated, I assume the requirement to file within 40 days is automatically moved to 45? However, with the increased staff now, they could be ready & want to file sooner than day 45. Who knows?
What I find sad is the main thing we have to talk about is something that's about 9 weeks from today!
You & Vapork mean "40":
Vapor Corp. plans to increase the number of Company-owned retail stores to between 30 and 40 locations through the end of 2015.
FWIW, they have been saying recently the goal is "20 to 30" stores by year end...
I think we think alike. The other night on the evening news they did a bit about teens vaping/smoking more MJ "because" they can get away with it by hiding the smell by vaping.
The tobacco companies lied for decades about the dangers of smoking. Our products are sold next to, treated like, and viewed the same as smoking products by the 85% of the population who don't smoke.
Here is my fantasy that will never happen but if you think about it, maybe it should:
The US FDA announces the only potential harm from vaping is nicotine abuse. Therefore, they recommend a 500% federal tax increase on cigarettes from $1.01 per pack to $5.00 per pack. Additionally, the maximum tax on e-cigs/vape products will be 10%. This will essentially force people to quit harmful, deadly, expensive smoking and switch to vaping which will save millions of lives and tens of millions of dollars in health related expenses.
The people in long white coats are looking for me so I need to go hide now...
Yep, we've compared horror stories before. I only dumped 20% of Vapor so I'm screwed there now. My ECIG average is down to just over a buck and the best I'll be able to achieve (without flipping) is something in the .90's.
I no longer believe this is "can't miss, only a matter of time" thing. The longer it takes to turn things around the riskier it becomes. Anxiously looking forward to next 2 quarters.
Good w/e to all...
In addition to the 100k bonus Holman AND Brauser got, they both also received a 50% salary increase. Plus, Brauser's dad and 2 others in his "company" each got a $50k consulting fee plus a 2 year contract for $20k per month per person.
Yeah, plenty of money to spread around...
I added 3,900 at .295 this week so now I'm only about 950,000 shares short of a million...
The units are one thing, the S-3 (S-3/A) filing is another.
If by some miracle VPCO is trading in dollars come January, dilution from the units won't be a problem. There is even the possibility the company could receive money from the warrants if it makes sense for holders to convert them by paying 1.24.
Regarding the S3, I just hope I'm missing something? It appears they are selling 5.6 million shares to line the pockets of management and institutional investors? It clearly states the company will receive no proceeds from the sale unless they also "choose" to exercise warrants. WTF?
You need to update your tagline. The 52 week high is in the teens now & dropping every day. If LTNC survives until November, the 52 week high will be below 2 cents...
By the way, thanks for your efforts reporting on the stores...
In my opinion, your opinion, is as good or bad as anyone else's regarding the future of the company. However, since the VPCOU units are directly connected to the VPCO common, "yes", they will convert. To "what", may be questionable, but if someone should buy VPCO, they will be buying VPCOU as well...
I live on the ocean in SC. (not a big shot, small condo) Because of El Nino, a below average season of maybe "1" major storm is predicted for the Atlantic coast. I know anything is possible, but why make a big deal when the opposite is expected?
Also, has it really come to this? Do you realize how it sounds to think LTNC will "do great" because storms that are NOT predicted, will hit, and do major damage, in LTNC's area, and they will get the contracts? This is what we're relying on?
Further more, I too am a capitalist and understand "stuff happens", but you mentioned "karma" many times yet you seem to be licking your chops at the thought of hurricane devastation, loss of life & property. Just sayin.
Walking out to the back yard now, a.k.a. "the beach" to enjoy an 89 degree sunny afternoon. Have a good day & hit 'em well...
Due to the recent RS, I'm down to 1,598 shares at $24.46 PPS! I'd need to do a lot of swinging!
I bought 100 units at $10. I'd like to have "complete confidence" of the warrant conversion details but I don't. I calculated the B/S value at $1.08. I said this before but if "I knew" I had the option to say "I'll take the b/s value please", then I'd buy every unit I could get my hands on! I just don't se how that is possible...
$50 'ish k started as a plan to "speculate" with about $20k before I got caught up in it. (drank the Kool aid) So instead of "playing" with 5-10% of my entire portfolio, it's more like 25%. Bad. I do have other stocks, funds, etf's, etc...
Unfortunately I have come to accept that with VPCO. I am just hoping to recover "something" here. I am more optimistic that the "other one" still has a chance?
Thank you! I am in "deep" there too, avg "down" to 1.09 on that one. (you would think I learned my lesson, held thru that RS too)
Reasons I got stuck here are basically greed & stupidity. Most shares we're bought at high end, averaged "down" to about $6 pre latest split. Kept thinking it would turn around.
I do not believe VPCO was a "MJ pump", not most of the time anyway. Not a pump when you have $26 mil 2014 revenue, IMO. Bad management & not prepared for transition from cig-a-likes.
I live in SC, a smoker friendly state. Back in 2013 I saw more & more people vaping in my local bar where we still smoke cigars! Thought it was the future, maybe it still is...
GLTY
No problem...
Apparently "print screen & paste" doesn't work? Like I said, started buying in 2013 & made 30 total buys. Check the PPS back then. I Was up to 10,000 shares. Sold 2,000 Dec 2014 for about a $13k loss. 10 mins ago account showed down $36k. Guess it's more than $45k, F me. I have held thru 2 reverse splits! Too much of a hassle to prove I was a big dope with this one.
Besides, what does my blunder have to do with what I said about the relationship between VPCO & VPCOU? Believe me or not, cheers.
That's correct! Forgot to mention that, but like I did say they can be a bit complicated and there are variables. Thanks...
Short? I wish I were short! I have been in VPCO since 2013 & instead of being down $45,000 I would have made a killing.
You will NOT find a post from me suggesting to buy the units. Only information trying to explain and understand how they work & relate to VPCO to educate myself and others.
I am not trying to be mean and will not clutter the board with back-and-forth nonsense between you and me, but your comments regarding the units clearly shows you do not have a clue as to their relationship to the common (VPCO). They couldn't be more "connected" to one another.
EACH UNIT gives the holder (converts into) 10 shares of VPCO plus 20 warrants which potentially converts into 20 more shares. Admittedly the conversion is potentially complicated due to many variables but you should know 1 unit of VPCOU can become 30 shares of VPCO.
It is my opinion that it is critical for anyone investing in VPCO to at least be aware of and have some understanding of the VPCOU units.
GLTY
You should quit while you're behind...