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Well here are my thoughts,
You can read my prior comments on this as well.
While I really like the business the company is in, Surber is stuck with a terrible capital structure he is trying to claw out of. While it is had a nice run from .006 to 15 and then another run after it fell to 4-5 cents then back up to 9 or so , this is most likely going to head down for 2 reasons.
1- The new financing is a convertible note at 30% off the trailing market price. See otcmarkets.com filings section and read. This will be say a price of around 4 cents for now. 550k/.04 = about 13,750,000 new shares. These share will be sold and probably already started being sold as the note was signed. This is called a toxic note, check it out.
2- We still have tons of shares that can launch from convertibles. And the lower the price of the stock the more shares those become when converted.
It is sad because I believe in the business as part of the entertainment future here where people come together for experiences that travel towards them.
But also keep in mind that big franchisee they purchased was reportedly losing money on these same events. We see some great ones, but there are also one where the crowd was small and of course the burning cell tower thingy etc.
Right now I would probably avoid until this gets really low but see now sign of a bottom here yet. Just my personal opinion, do your own due diligence
I sent that quick Email to IR and if Wishful or anyone has a contact for the CEO please message me so I can send him a copy.
To be honest it is anyone's guess. But to me it shows they are making the moves needed to stay afloat.
Companies restructure when times are bad, it is better to have 7 ships fully booked with less expenses and less debt keeping the banks on the feed line .
These are also the two oldest ships and I read somewhere that with the widening of the panama canal the older ships are not going to be worth much in the future.
This has already fallen to "might go bankrupt" pricing, so the whole play here is on a turn around in the sector and the company surviving long enough to stay in play without dilution over and above the 2nd note.
If I third note comes, I will say there is really no chance, the only existing value is assuming the worst here and a bounce in the sector.
When everything is negative and a sector turns things can happen that you do not expect to the positive side.
Say for example Paragon who has three ships on order in limbo and sold all their other ships somehow merges with Box and stays afloat that is one option. Or perhaps Box decides to take out (buyback) the rest of the toxic note.
Anything can happen.
Assume worst case scenario and plan from there.
yes but most are crap companies with more of a story than a business and never were on the NYSE and had a few hundred million in assets in a sector turning around.
Of course the chances are slim of anything good coming out of this but all the other toxics I have seen have been different. They never had a real money making business to begin with.
Just looked at another one people are pushing. huge amounts of debts and losses , made this one look better LOL.
Like I said not living in la la land here. See my prior post. I fully expect, full diluton with note 2.
Anyone with any thoughts on the 2.5 million on the bid Friday?
Toxic seller trying to cover short? The company supporting price with buyback? Any ideas?
Just so everyone knows I am operating with the assumption the note will be fully converted and os stock would be in the range of 150-200 million when done.
But everything is negative, the minute something changes this could turn fast.
Like a surprise note buyback, the announcement of the ships sales and use of funds to reduce debt and help cash flow etc.
If the industry keeps its modest turn rolling, I look for valuation fluctuation.
Rough numbers former valuation 270 million.
Valuation at 1/5 of former value 54 million/200 million shares (my worst case ) = 27 cents.
Valuation at 10% of former value = 13.5 cents.
Valuation at 5% of former value = almost 7 cents.
This is providing no further notes (a big IF)
Not living in la la land here saying notes not converted, assuming the worst with no good news on note buyback.
Just as a further thought , we can track the ships, when they get to hong kong we can assume they are done no?
Here is the link - text pasted below link
Box Ships leads Scrap Charge
Box Ships leads scrap charge with panamax deal
Containership owner Box Ships looks to be trimming back its fleet with the sale of its two oldest units for demolition, brokers say.
August 11th, 2016 17:00 GMT by Trond Lillestolen Oslo
Published in WEEKLY
The 5,344-teu Box China (built 1996) and Box Hong Kong (built 1995), which are coming off charters to Mediterranean Shipping Co (MSC), have reportedly been sold “as is” in Singapore for $285 per ldt, or $6.75m each.
Box Ships is listed with nine units, with the remaining seven built after 2000.
Earlier this summer, the owner struck a deal with Credit Suisse and ABN AMRO to push back repayments on $132m in loans that will not now be due until the first quarter of next year.
Also in the boxship sector, Seaspan has sent its 4,647-teu Seaspan Excellence (built 2003) to the breakers. It has been sold “as is” in Hong Kong for $280 per ldt, or $5.6m. The ship was bought from Mitsui OSK Lines (MOL) for $17.2m in 2013.
Another post-2000-built boxship has been sold, with German owner Peter Dohle disposing of the 3,108-teu Anke (built 2002).
The ship will be scrapped on the Indian subcontinent, having been sold for $292 per ldt, or $4.4m.
Seachange Maritime of the US has sold the 3,739-teu Cap Stewart (built 2001) “as is” in Hong Kong for demolition in Bangladesh for $270 per ldt, or $4.3m.
China Lines has disposed of the 3,400-teu Naxihe (built 1997) for domestic scrapping. No price has been disclosed.
Precious also on a roll
In the bulker market, Thailand’s Precious Shipping continues to sell its 1990s-built units, disposing of the 18,500-dwt Apisara Naree (built 1996) for demolition.
Last week, the 29,200-dwt Parinda Naree (built 1998) was also sold for scrap. Precious has offloaded nine bulkers for recycling so far this year.
Meanwhile, Holy House of Sweden has disposed of the 424,000-cbf Lapponian Reefer (built 1992) to India for an undisclosed price.
Federal Offshore of Singapore has sold the 149,000-dwt offshore storage unit Federal 1 (built 1982) “as is” in Indonesia for demolition in Pakistan for $205 per ldt, or $5m. The ship was purchased in 2005 as Navarino and converted for a further $9m.
I agree but according to the trade newsletter the two ships were sold will finish their charter and park in hong kong for scrap. Not sure if that is a week two weeks a month whatever..
Yes, there is only one spot in the 20-F with a mid May May OS count for Paragon.
As you know the 90 million OS update from Teuff came on the 6-K where it mentions 30k left.
If anyone catches a current PRGNF OS I would love to see that info. They should file something at some point. With 1 million in CD notes and the exchange agreement (and a reverse split by the way) , one could at least see how things played out.
Thanks for looking YankeeDave.
I agree, but still there was 30k left 4 months later.
Also I need someone with you guys experience to go look at Paragon and try to figure out what happened there.
There were 2 500k convertible notes and an exchange program . Sorta similar to Box Ships. First note issued Jan 2016 shares OS 640k or so, i figured there should be way more shares OS by the blurb in the 20F which showed as of sometime in May there were 4 million or so shares left.
In both cases its seems the entire note was not converted, within a month or two or even three. Have never seen that. Not sure when the next Paragon release comes out but am tracking this to see what I can find out.
Except that we do know the 30k left on the first note issued in April was left on August 1 , 4 months later! (per the company 6-k)
and it might be different now that the ships are being sold. At least it is possible something different will happen , even if not likely.
Thanks you :) I try to be straightforward when I write. We all know these are high risk stocks and sometimes there is some crazy info out there meant to encourage or discourage investing in a particular stock for a reason. I try to listen/read everything.
Just to be sure I expect most of that money to go to the bank but it would be good if they can carve out something for cash flow and something for any existing convertibles and stock buybacks.
I am sure someone has thought of it, these are not stupid people and they have advisors but it never hurts.
The other thing is until very recently it looked like everything was pretty
awful across this industry with probably no options for anyone to put in money.
But as an industry turns things change , instead of blowing out shareholders they should keep them in the game and help them make money to put money in rather than give up so much of the company. It is a longshot for sure but when things turn with highly leveraged companies they turn quick. Some people tripled their money from march to recently on Safe Bulkers and I am noticing buying on sell downs in other shipping stocks so money is moving.
This remains extremely high risk (as you all know), but an interesting learning experience for sure.
Does anyone have an email address for the CEO or anyone important at the company? I know some of you were on a conference call.
If so please message me
Might be possible the note bought some time
Until the two ships were sold (if that story turns out to be true). It seems like a pretty material item deserving a press release.
The article stated
"The 5,344-teu Box China (built 1996) and Box Hong Kong (built 1995), which are coming off charters to Mediterranean Shipping Co (MSC), have reportedly been sold “as is” in Singapore for $285 per ldt, or $6.75m each.
Box Ships is listed with nine units, with the remaining seven built after 2000."
If they are coming off charters they are finishing up to get in for scrapping.
With everything seeming negative any unexpected positive news could totally reverse this whole slide (if the background of better shipping industry news continues)
While I have never seen it done, and it might be highly unlikely.... they could pay the note (or part of it) off they can freeze the dilution in place.
This issue remains high risk as always but it would be nice to catch a break. Going to write IR with some thoughts on this matter, I am sure they considered them already but cannot hurt.
They should ride this puppy the other way. Show shareholders they have their backs by buying back that note. Then using a small amount of money from the boats sale to buy back stock get this thing moving the other way then do a rights offering to raise money.
If the news AZresident found which I pasted the article from is in fact true that is great news.
Assuming the prices are correct, they would have 7 ships left, make the average fleet age lower and help appease the banks by playing off some of the loan and hopefully even buying back any toxic notes remaining or at least not having to issue new ones.
To me, as someone critical of everything it seems the combination of the modest uptick in the sector, combined with restructuring could keep this thing afloat. If they just make a few moves to the benefit of the shareholders...
For example, say they picked up 13 million for those ships, pay the bank 10, keep 1.5 for cash flow and use 1.5 to not only pay off any outstanding toxic notes but also to buy stock under their buyback program, this thing would be a home run and bring a lot of new investors to the table.
The company announced buying back up to 5% of the stock, well there might be 120 million shares now, maybe more or less, that is millions of shares now.
also the 7 boats remaining will hopefully be fully booked.
got it
Box Ships leads scrap charge with panamax deal
Containership owner Box Ships looks to be trimming back its fleet with the sale of its two oldest units for demolition, brokers say.
August 11th, 2016 17:00 GMT by Trond Lillestolen Oslo
Published in WEEKLY
The 5,344-teu Box China (built 1996) and Box Hong Kong (built 1995), which are coming off charters to Mediterranean Shipping Co (MSC), have reportedly been sold “as is” in Singapore for $285 per ldt, or $6.75m each.
Box Ships is listed with nine units, with the remaining seven built after 2000.
Earlier this summer, the owner struck a deal with Credit Suisse and ABN AMRO to push back repayments on $132m in loans that will not now be due until the first quarter of next year.
Also in the boxship sector, Seaspan has sent its 4,647-teu Seaspan Excellence (built 2003) to the breakers. It has been sold “as is” in Hong Kong for $280 per ldt, or $5.6m. The ship was bought from Mitsui OSK Lines (MOL) for $17.2m in 2013.
Another post-2000-built boxship has been sold, with German owner Peter Dohle disposing of the 3,108-teu Anke (built 2002).
The ship will be scrapped on the Indian subcontinent, having been sold for $292 per ldt, or $4.4m.
Seachange Maritime of the US has sold the 3,739-teu Cap Stewart (built 2001) “as is” in Hong Kong for demolition in Bangladesh for $270 per ldt, or $4.3m.
China Lines has disposed of the 3,400-teu Naxihe (built 1997) for domestic scrapping. No price has been disclosed.
Precious also on a roll
In the bulker market, Thailand’s Precious Shipping continues to sell its 1990s-built units, disposing of the 18,500-dwt Apisara Naree (built 1996) for demolition.
Last week, the 29,200-dwt Parinda Naree (built 1998) was also sold for scrap. Precious has offloaded nine bulkers for recycling so far this year.
Meanwhile, Holy House of Sweden has disposed of the 424,000-cbf Lapponian Reefer (built 1992) to India for an undisclosed price.
Federal Offshore of Singapore has sold the 149,000-dwt offshore storage unit Federal 1 (built 1982) “as is” in Indonesia for demolition in Pakistan for $205 per ldt, or $5m. The ship was purchased in 2005 as Navarino and converted for a further $9m
Hey, I own shares in this, I am not being negative, just not believe in old/stale/misleading info.
trying to work with "real info" and make the case for the very risky play here.
That said the turnaround in shipping is what make this all happen for shareholders even with the dilution. As always timing will be important. And lots of up and downs, which everyone can see for themselves.
Agreed, these type of moves are to be expected (sale of some assets, restructuring etc)
Here is how I think things will play out.
Just my opinion based on following the PRGNF story.
First , the real facts here are outdated as most people know. The BV is no longer 7 bucks a share that was based on old share counts.
Second, those claiming no dilution has happened since the 30 million old OS stock was shown are misinformed, the company's own release stated the OS at 90 million and more dilution was expected from the 30k left of that 1st agreement.
However this does not mean all is dead here.
The company's market value dropped on a complete collapse in shipping from 270,00,000 to at a few million (figuring in the extra shares). It is easy to see a wobble/bounce based on strong industry news.
I believe these shares being converted will take a few months to stop impacting the price per share. I get this for two reasons. 1- the first note done in April still had 30k left to convert on Aug 1 and second PRGNF went down the same way.
I do believe a reverse split will happen at some point when these shares are pretty much toast. Right now, as other pointed out the buy in would be above .007 to or so up to support at 1.25 in hopes for bounces in between share dumps
The best opportunity might come post reverse split when this note is almost done and all the buyers are still here. Less shares will push the price higher more quickly, but even then bounces up and down.
Assuming about 150-200 million shares once both notes are done, I still feel at 10% of the former market cap of about 270 million or more, that leaves about an 8-10x. This would mean a shipping sector recovery that starts pushing up the sector to even a fraction of its former value.
Also keep in mind some of Box's best years came with much higher fuel prices and much higher interest rates. And there is plenty of CEO fat to be trimmed in there (salaries, payments for training workers and such as pointed out in the SA articles)
If there is a reverse split say 1 for 10 and there is say 20 million shares that still translates into a 1-1.50 price with a 13-14 cent current cost. Not as huge a winner as early people here hoped,
But this is my opinion so please do your own dd and research
This article is for info on the shipping turnaround, it is for general info only , I did not research this stock someone on SA did but it has some good info about the turnaround.
Safe Bulkers Inc.
yes and that is why my best guess, in response to TA was about 140 million now.
90 million there , plus 7 million for the last 30k of that note and about 38 million for the new note.
Investors should not have to guess though this info should be made public so there is no guessing .
I am ok with no earnings for a while as they probably will not be good. The shipping sector was mixed at best 1st half of 2016. There is some modest improvement now though. So if they wait a month or two, and the turnaround continues and some moves happen like sale of ship, reduction in debt, being on track with bank, share buybacks or even merger it will make the financials less important.
Good post Bonsia. It is important people know about diluation and know about the late financials.
That said, when a company falls form 270 million market cap or more to less than 3 million even assuming a 150 million OS stock if all converted, it very possible for a bounce to happen to be worth say 10% of its former value or 27-30 million, if the shipping industry picks up more etc. It is not like this is a company with no operating business or an idea without customers. There is some variation in valuation which is the play here.
Shipping stocks were all priced as if they will all fail. All wont fail many might or will and this could be one of them but it does not mean its 100% certain it will be, and even if so look at Paragon, read the board from post 500 forward, many chances to make money along the way.
Good points. The decline in oil prices and problems in the solar industry have created a lot of headwinds.
But Windstream uses already made components for its solar and lower prices help them. Big projects are slowing down and making solar cells has been a losing proposition for years. Also the US utility changes to how they charge customers and pay you for surplus power hurt but Windstream has a different business model. Its biggest problem is appearing to be a failing company. But without any news at all no one really knows. At least that article talks about a restructuring, guess we will see over 3-6 months if anything happens.
Ill add this one
Momentum focus Box Ships
Well anything is possible, I am an investor in TEUFF (Small one but nonetheless)..
I want it to go up, but please read the notes and the exemption being relied on. Until there is clear info to the contrary you have to assume it can be converted. That is how these things work.
Not lying, but perhaps none of us have all the info we need to see that. Any luck on those calls to transfer agent anyone?
If you read my prior post, everyone here is focusing on this
" No Public Sale or Distribution . The Investor (i) is acquiring the Note, (ii) may acquire the Interest Shares in accordance with the terms of the Note, and (iii) upon conversion of the Note, will acquire the Conversion Shares issuable upon conversion thereof for its own account and not with a view towards, or for resale in connection with, the public sale or distribution thereof in violation of applicable securities laws, except pursuant to sales registered or exempted under the 1933 Act;"
HOWEVER the miss the EXEMPTION they are relying on, the notes read to confuse people.
As you know I am positive on the prospects for TEUFF but do not go in blind. Listen to people warning you and understand the situations worst case scenario
Toxic knows his stuff here , please read this..
PAGE 3 item D
" The Investor understands that the Securities are being offered and sold to it in reliance on specific exemptions from the registration requirements of United States federal and state securities laws, that the offer and sale of the Securities are intended to be exempt from the registration requirements of the 1933 Act pursuant to Rule 903 of Regulation S under the 1933 Act, and that the Company is relying in part upon the truth and accuracy of, and the Investor’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of such Investor set forth herein in order to determine the availability of such exemptions and the eligibility of the Investor to acquire the Securities."
Toxic Avenger is probably correct on this one. Anyone in this play has to understand at any time prior to entering this stock that those notes can be and probably are converted in 4.99% chunks from day 1. While it is possible it goes slower or there is something else going on, one has to assume this . This can be compounded by short selling against the note.
Still trying to figure out the play here, as it does not seem to be following the usual course of such conversions , but we need to find out the outstanding stock to be sure of anything but keeping TAs words in mind are the most important thing here.
Paragon, Box's sister company had both a 500k note with Kyros and an Exchange agreement to take out 500k of senior notes.
Prior to both these things happening in late Jan 2016 the OS stock was about 650000 shares.
Rough estimate of the conversion price 21 day vwap at around .065 cents that million bucks should have turned into 15 million new shares. However as per the offfical 20-F filing for Paragon where in the subsequent info it shows the OS stock as of mid may at 4.4 million or so (3 months later), for an add of about 3.8 million new shares since the notes/exchange offer started.
So I encourage everyone who is totally negative on this thing and understands the death spiral to try to help me figure out if there is something different going on here. That is the key to this whole thing.
Am I reading this right? 1800 bucks to 2.4? must be missing something,
What is your back of the envelope rough calc of getting to 500mil on stock?
90 mil now, this current note will be about 40mil. The 30k was roughly 10% of the 250k, 220k of which which added 60 million before, so add another 10mil just to round up.
So I come up with 90+40+10 = about 140 million providing these are even being converted. (will get to that). But lets even round up to 200 million ..
What are your worries in getting to 500mil? (how do you get there?)
As to conversions, as you noticed a lot of the info on this board is messy or misleading (or old) at best. But I am using the Paragon situation as a guide since its played through a bit more.
In Jan of 2016 they had a toxic note for 500k (with the same Kyros) but as of the last official report I can find on otcmarkets the OS stock as of march 31 was still the same.
So I want to run a scenario by you..
the company said they would buy stock back as did the CEO. But as far as we know probably nothing.
Company needs money so why buy stock back when you have none and if CEO wants to support company why do it now, why not play it like an option.
All his stock has been diluted (along with other insiders).
This note can stay open and they can buy it or pick up the shares anytime and own (if both notes were not converted yet) 2/3 of the company for chump change.
Then they can either profit personally on a turn around or cancel the stock and bring the market value soaring for chump change.
Example,, right now people are thinking there are 150million shares OS or more. If they woke up and someone bought those notes out for 300k each or more all of a sudden they could convert part to have a decent insider ownership, and then the OS would be say 60 million, of which insiders own 50%, and they got that half for 600k.
Something odd is going on with both these companies if you watch and read, trying to pin it down but the key is getting OS stock on both PRGNF and TEUFF. IF we can pin that down I think I am close.
Their cash account is subject to a bank sweep (see release on debt workouts). When this happens they might not have access to cash flow.
But seeing that you are on top of this stuff , my personal opinion is that the 1st half was really dicey, especially the first few months, and that much cash was burned hence the collapse. But then when things started to look a bit brighter they felt if they could just get by a few more months as things turned they can survive. Banks seem to be playing along (maybe no choice) but gave them a year. So the notes were a last ditch effort to survive when their cash was being swept by the bank.
What could happen here is they have to sell a ship or two to take down the loan balance over time. Or perhaps since Paragon has 3 new ships on order but sold their other ships they pull off some merger or something there could be numerous different catalysts but you are correct in that this is high risk with dilutive shares and anyone's guess.
Hey Dave, always willing to listen. What is CB and CF?
Yes, caution with this one is a must. Do read what happened with sister company PRGNF though. As I stated before valuation with these huge companies that have cash flow and in a sector turning (see article out last few days on google news, capacity util up to 90% due to lower ship count there and modest demand growth) the valuation can sometimes bounce.. It is crapshoot for sure. Seeing that everything is negative, one positive news article, release or update can turn this on a dime.
In any case, CANT and CDEL are the ones with the stock to sell (it appears)
No it is more than that. There are 90 million OS per the Aug 1 release based on those numbers it is 1,350,000 but assume another 40-50 million shars or more from dilutions. so under 2 mil
Thanks, I can only speak for myself but critical people are good for the discussion, that is how I started out here. But the thing is most toxic death spirals are smaller companies with a low value to begin with issuing billions of shares and sometimes do not even have a business that was ever viable. And they usually are not in a sector like shipping which is really cyclical and we had a worldwide meltdown in commodities of epic proportions which is turning now.
After reviewing things here and at Paragon I think there is something else at work here since the CEO is CEO of both companies and he makes money a lot of different ways from these companies (read the seeking alpha article I posted today in the comments section). Who knows maybe he will take the three new ships on order from China, merge companies if thing turn who knows. Large assets dont vaporize people try to figure things out.
Good luck :)
Stock, I get your point, seen it all before. But go read the Paragon Shipping board from early this year til now.
Paragon (PRGNY), had two kyros notes for 500k each. Provided multiple opportunities to make money. It is not that you are wrong, it is just when these giant companies with 15 million in free cash flow and hundreds of millions in ships come crashing from 270 million market caps to market caps less than a million there is some bobbing and weaving that goes on depending on news flow and the sector turning (or not turning etc).
So basically, you could be right and wrong at the same time. Right in that the death of the company can definitely happen, wrong in that it wont provide any oppty to make money.
Paragon sold all their ships, has negative liquidation value and stil the stock went up in the last few weeks .
This is not like a company making the next pet rock, they have a big business and the valuation will bounce around.
Ill explain it to you.
It is a good business idea, but crappy capital structure. I am sure the CEO regrets it now and is doing his best but it is hard to have a stock price go up when millions of new shares can launch from convertible preferred stock. Just 6-8 million shares too 2/3 off the stock price, it recovered a few pennies but knowing there is more out there that can hit anytime will keep investors away.
It is really as simple as that. I mentioned that the only way out of this was to lock up all the convertibles, let this rise on the news and growth and then the conversions would dilute the stock less. But of course preferred holders want to cash in too.
The problem they do not realize is, this thing was cut in half in the middle of their busy season with huge revenue growth and news coming out nearly every day due a promotion. What do you think will happen in the off season or if something slips up? It will be 3-4 cent if that (in my opinion).
I really like what these guys do but the stock structure is just too difficult to navigate in the short term. I am sure Surber is working on it though.
Id also like to thank Wishful for the additional info. I was able to add very close to the bottom to almost double my shares. Still a small tomato though.
My overall thoughts are , after looking at the Paragon situation, is that when these big companies fall fast and hard and dilute, valuation is tricky, and it bounces up and down a bit until a clear direction is known. I mean if a company with 30 million shares was worth 270 million and then sells for 1.4 million market cap there is nothing saying a bit of positive economic and industry news cant make it bounce up to 10 mill or more etc.
I think this could be a rough ride for a bit and 1.5 and under would be my only buys.
good luck to everyone! Always learning here :)
I can definitely see why you are saying that.
I for one am extremely familiar with toxic convertible notes and the effect they have on company's stock prices.
But it seems like value can bump and and around in the cases where stocks go down from 300 million market caps
This one is a total crapshoot of course, but just for stuff to read , take a look at my posts about what happened at Paragon (PRGNF).. They had notes with Kyros too, and the stock bounced all around. see my prior posts or research it.
It seems to me that shipping has gotten hit hard but as best I can tell there is change in the air that things are getting better. China, Germany, US economies all doing better. Box's ships seem to be on the water now and not idle (if that info is to be trusted on location etc).
When something falls from a value of 300 million dollars to a market cap of 400k - 1.4 million whatever it is/was around the last month til now it will bounce around a bit.
I was just shocked to see that after Paragon issued a kyros note when the stock was 12 cents that months later the stock shot to 3.60. And that company has negative liquidation value per the CEO. It is still at 50 cents even after a second kyros note.
I am not sure we know everything here. It seems to me that this CEO gets a lot of money from this gig (in the comments of the article you had me find) and maybe somehow these notes are a play on keeping this afloat and someone grabbing a chuck of turnaround or liquidation value.
Why would PRGNF go from 12 cents to 50 cents after dilution. Makes no sense..
Please hack my comments up, looking for ideas (and see prior posts as I posted more info)