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There does seem to be a little market reaction. Only up about a penny from yesterday's close, but that's about 11 percent. Let's see if it holds.
In case anyone is interested, at this link is a description of the DOE sbir grants and the three phases. Blue just got phase two which is for technology development. Phase one, proof of concept, phase two, Technology development. The DOE lists phase two as lasting 24 months. Phase three is listed as commercialization. There is no limit to the amount of phase three awards. https://www.sbir.gov/sites/all/themes/sbir/dawnbreaker/img/documents/Course9-Tutorial4.pdf One of the ideas of phase three is that government agencies can be customers of the newly commercial companies. this all sounds very good.
https://www.sbir.gov/
Not too many people know about this stock and those who do are already fully invested. The stock will move when they get funding for a plant.
Thanks valeria123. great news indeed. Let's see what the market thinks of it.
The new convertible debt is all from directors of the company. They should know more about what is going on than we do and this is a vote of confidence. In addition, it the new notes seem to be non-interest bearing. All this seems like good news. They will still have to raise money to build a plant, but at least director Kneppers.
And the convertible notes have a fixed conversion price so they are not toxic.
The 10q came out on 8/8/24. It showed they have enough money to last the next few quarters. That may account for the volume increase.
It's available on otc markets.
The new one they hired? Not me.
I'm still here. Nothing new as far as I know.
Sittin' on the dock of the bay.././
That's a question I've had for some time, lifttruck and dreammaker. I don't know the answer.
I did look at the otc rules for qualifying to report under the alternative reporting under OTC. It seems like they first have to apply, which they may have already done. It takes two to four weeks for the otc or finra to get to the app. Then, when they are approved they have to bring their filings up to date. Then, hopefully, the caveat emptor is lifted and they can trade on the pinks. After that, if they keep the price above a penny for thirty days they can go to the otcqb, or if they keep it above a dollar for ninety days they can go to the qx. That is assuming they meet all the other requirements which I assume they do. That seems to be their plan. But if they keep the price above four dollars they may be able to go directly to the NYSE.
In any event, from the news this week it seems they plan to get trading on the OTC and then move. We'll see how long it takes.
I agree movement is good. However, after their last announcement that no reverse split is necessary for the merger with BFNH, I wonder if the upgrade means that the merger is still on, or if it will be delayed until the OTC uplift is completed. Could it be that the SEC said you can't do the merger until you uplift ELGL from the moribund status it now holds to a reporting (and hopefully trading) status.
If it does become reporting, then maybe we will get some reports and have some idea what they have. In general this is good news, but I am still confused. (I only own ELGL and not BFNH, so it shouldn't affect me so I guess I can wait and see.)
Look, we all know what's going on. the company has a technology that works, has a deal with a company that has a technology to convert ethanol to aviation fuel and a license to sell 20 percent ethanol fuel. They have a plan with Vertimass to build a plant. The next step is to raise money. If they are talking to people, and I am virtually sure they are, they probably can't talk to us because because of the rules of their negotiation.
So, what could they say to bring us up to date? Nothing. So talking to us would be worse than worthless. Stockholders would be demanding information they can't give and would be more pissed at the end.
Consider, when we bought we knew we were taking a big risk, but the reward justified it. Now, we are taking a much smaller risk for the same reward. Why smaller? Because all the development has been done. The only question left is can they raise the money.
I feel your frustration, however, we are now at the point where the technology works, we have an unlimited market with aviation fuel and gasoline with vertyigas and huge margins with the RIN for cellulosic ethanol. The only thing we need is the money for the plant. I am sure it will come, the opportunity is too good.
Thanks golonguy. This is something, not because they have made ethanol, once they have sugar I don't think that's much of a challenge, but because it may indicate that more is coming. They are talking about offtake agreements, which should mean no dilution. Hopefully, they come through soon.
I agree, lifttruck, it should be soon. At least I hope it is soon.
ELGL formed a partnership with a comic book company. I don't think the news is that important but it feels good after such a long silence.
https://www.globenewswire.com/news-release/2024/03/06/2841520/0/en/Scout-Comics-Entertainment-Inc-Announces-Partnership-with-Element-Media-Global-a-Wholly-Owned-Subsidiary-of-Element-Global-Inc.html
Another announcement on ELGL. They formed a partnership with a comic book company.
https://www.globenewswire.com/news-release/2024/03/06/2841520/0/en/Scout-Comics-Entertainment-Inc-Announces-Partnership-with-Element-Media-Global-a-Wholly-Owned-Subsidiary-of-Element-Global-Inc.html
I missed it at the time but just read it on your advice. I'm not sure what to make of it with regard to BFNH. It is clearly the same industry and Kaiser is a well informed and well respected as far as I can tell, CFO IR type. BRVO just acquired something called TVee NOW which will, it seems, be their streaming platform. Since Kaiser is in both companies, it certainly could be there is some plan for the companies to work together. Nice find lifttruck.
Somebody just bought a thousand shares of bfnh. Was it something I said? lol.
About two years ago BFNH and ELGL signed a MOU for BFNH to acquire the assets of ELGL for stock. No details on the amount of stock were provided. There have been no details since, but the companies now have the same management and BOD. So it seems the deal is still on. The announcement that there would be no reverse split was the first publicly announced verification that the deal is still on. It also possible indicates that the deal is close to closing, but what close means is up for debate.
Also, this announcement referred to the deal as a merger, the first time as I recall that it's been called a merger instead of an acquisition of assets. This is a technical distinction that may make no difference as to it's effect on us, but it is something to be noted.
As to the distinction: see https://www.genesislawfirm.com/asset-acquisition-stock-purchase-and-merger-structures#:~:text=Asset%20Acquisition%3A%20the%20buyer%20buys,combines%EF%BF%BD%20with%20the%20business.
News out from ELGL. No reverse split necessary for the merger. The fact that they used the word merger is significant and that they are out with news. Maybe something is coming.
https://finance.yahoo.com/news/element-global-inc-provides-shareholders-173300114.html
Thanks, liftruck. This may mean they are close to closing the deal. I hope so.
The other way to look at this is that they are a relatively small grant or off-take away from commercializing. Also, the partnership with Vertimass is for a plant to convert ethanol to aviation fuel, a process already proven by Vertimass. So there is no reason to believe building a plant that will take purchased ethanol and convert it into aviation fuel should take a year or more. I suspect funding is what is holding the company and the stock back.
As of March, they were raising money with a series C, so I doubt they are flush. They did receive $3.4 million from the DOE in 2019, so there is that.
https://www.prnewswire.com/news-releases/vertimass-launches-series-c-fundraising-to-bring-technology-to-commercialization-stage-301767685.html
I just checked the MOU Blue signed with World Energy Sustainable Products (WESP) in May. MOU's are not binding on anyone, so take what I say with a grain of salt. The MOU is for an off-take agreement under which WESP would buy Blue's aviation fuel, paying in advance. Since that time World has signed agreements to supply SAF Certificates with DHL and MSFT. I don't know the details but it looks like World is a read thing. So maybe the offtake would be part of paying for the building of the plant.
Find WESP's website here: https://www.worldenergy.net/
File info on SAF Certificates here: https://www.ibm.com/blog/saf-sustainable-aviation-fuel-certificates/
Good news, but we still have to see about financing. Maybe government secured loans?
there were 314k shares traded at an average price of about .0825. that comes to about 25,000 dollars. Not huge. It was also the last day of tax loss selling, so there may have been some of that. There a lot of bargain hunters on the buy today if you watched throughout the day.
The situation hasn't changed, if they get a deal we all make more money, if not we all lose.
And to you as well. and hopefully a profitable new year.
The bid ask spread was .10 to .1119 for most of the day. So someone sold 700 shares at the bid. It closed between the two at .10675 on 500 shares.
BTW, on these hardly traded stocks the bid ask spread is frequently very large.
Right, maybe with interest rates topping and possible coming down, capital will become available for the mircos. Let's hope.
No news that I know of. I think if there were news the volume would be higher. Could be that some people have been convinced that the high volume selloff that happened on November 8th or so is over. Or, the November seller booked his loss and thirty days have elapsed so he or she is buying back. Anyway, we just have to wait I guess.
Steven Gagnon is still listed as co-ceo and signed the latest K filed in November, so that's good. He is also co-CEO of ELGL and listed as the founder and CEO of Element International which is a sub of ELGL. So he's still there. The WSJ also lists LaViolette and Sasha Shapiro as still there, but that's from two years ago. They're all still officers and directors of ELGL also, so it seems still alive. But when anything will happen is anyone's guess
chatgpt??
why January 30?
Found it, sorry.
Where did you see convertible notes, valeria, I couldn't find it. tia
and, BTW, we've got a million on the bid at 8.3.
No news that I know of. If you look at what happened yesterday and today it looks strange. Yesterday someone dumped a couple of hundred thousand shares in the first ten minutes. Today, a million. After that buying took over. This is strange behavior. It is unlikely that this is several holders who decided to sell at once, so it was probably a single seller. It could be someone just tossed in the towel of course, but it also could be something planned.
If it was a single holder tossing in the towel, he or she almost certainly knows no more than we do. He or she might have been forced to do it for financial reasons, but otherwise it is strange behavior, a million and a half shares at eight cents is 96k, even less at six cents. Voluntarily taking that kind of loss doesn't see reasonable under the circumstances.
If it was intentional, what are the possible reasons? One, they do know something want to accumulate shares. Could this be a modern form of running the stops? It could certainly induce panic as it has. But why panic? We all knew this was a speculative play when we got in. Nothing has changed, but the human brain is, as one author said, predictably irrational. We do get emotional when confronted with loss.
There was just a buy for 500k shares. Since the first ten minutes about 1.5 million shares have been bought. Maybe it's working.
JMO.