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LOL @ shorty
$11.25 trade at the close and we are at .045. Looks like someone has a reason to "paint" a bullish picture for SPNG!!
This morning I was prepared for .02, when bad news like this doesn't move the stock it's time to go up.
They still can file if they are acquitted or if new management has nothing to lose by filing.
And the volume of 25,000,000 on a day like today support there being less shares than most people think.
We are talking about the price action following the Wells notice, not the notice itself.
A CLOSE AT .04 OR ABOVE
is huge for the longs.
Like many I expected to be adding some shares around .02 but doesn't look like I will have the opportunity today.
I am a long and can't figure out how or why this thing is holding at .04.
Imagine what this stock will do if any positive news ever comes out.
All the volume is still above .04 today, small trades going below that.
Probably covered realizing that even when they get all the news they want it doesn't matter.
Wells Notice doesn't affect the company, and might be a blessing if some new management comes in and cleans up.
Still not under .04!!
I am waiting to buy more come on down!
Here is why I am buying today:
I do not believe the 10-k is going to show $200M in sales or that SPNG is the greatest thing in the world, it could be a complete scam. Just so you know I'm not blind with hope or anything like that.
BUT, if the news comes out and this company is anything but a complete scam, this stock will move. They don't have to have a 400% increase in sales or anything, just not being a complete scam puts this stock back around .10-.12 immediately IMO.
Now if the company was a complete scam (no customers, only income from selling shares, etc..) I don't think they would have invited Ernst&Young to inspect their books, and I don't think companies like Viacom and the MLB etc. would do business without some DD.
Let's assume a 50% chance of scam and 50% chance of not scam, and assume you can buy at .04 and sell at .12 if not a scam. That means 50% chance of $0 and a 50% chance of doubling your money, which gives you an expected outcome of breaking even. (.5x0)+(.5x2)=1
I believe the chance this is not a scam is better than 50%, so my expected outcome is above breaking even, and that is why I am buying.
Suspension info:
Taken from www.sec.gov about a suspended OTC stock:
"Will trading automatically resume after ten days?
It depends on the market where the stock trades. Different rules apply in different markets.
For stocks that trade in the OTC or the over-the-counter market, trading does not automatically resume when a suspension ends. (The OTC market includes the Bulletin Board and the Pink Sheets.) Before trading can resume for OTC stocks, SEC regulations require a broker-dealer to review information about a company before publishing a quote. If a broker-dealer does not have confidence that a company's financial statements are current and accurate, especially in light of the questions raised by the SEC, then a broker-dealer may not publish a quote for the company's stock.
In contrast to OTC stocks, stocks that trade on an exchange or Nasdaq resume trading as soon as an SEC suspension ends."
Looks like someone has a little faith in SPNG.
here is some time and sales data...
http://quotes.freerealtime.com/dl/frt/M?IM=quotes&SA=quotes%7CTime%2526Sales&symbol=spng&type=Time%26Sales
I won't hold my breath for the picture!!
So Pike bought shares because:
1. They think SpongeTech is undervalued and they know the company will continue to operate
OR
2. They don't know anything and they placed a huge bet
One makes a lot more sense than the other. IMO.
2 different companies filing.
It is not in chronological order.
Looks like somebody forgot to put a 0 before the .55 on a trade LOL!!
Had me very happy for a second.
I don't see this moving up much without news. It is going to be hard for people to hold this overnight now that Jared can demolish the share price whenever he wants by releasing those shares.
I will continue to trade this but cant go long right now, and won't buy above .002 until something changes.
This is going back to .01 next week. Still a buying opportunity, put your emotions aside and think logically.
Exactly! Everyones vision is clouded right now and we have lost sight of anything positive. People that were buying at .02 are now running!! The odd lot theory at work.
Share increase was ONLY to help the company acquire large relationships. This is not common, but is entirely legit. It is for deals like the one with the company that is currently suing them.
Who would sell here!
That is the real question. Very few people are in under .002 so many poeple are taking losses and getting nothing for their shares.
BUY BUY BUY before it is too late.
This will not see .001 without bad news. The increase in shares is not bad. Should trade back at .015-.02 after the panic sellers are gone.
OPPORTUNITY IS RIGHT NOW.
Share structure change is not of a concern, it is AS. Double your position here.
If the OS is 5,000,000,000 this is done. .0001 in a week. After all the talk of not diluting.
Valuation of EESO.
For those that are wondering what this stock is worth it is hard without financials and a gagged TA. However, at the current price of .005 with 2BB outstanding that values the company at $10,000,000. Hard for me to see someone offering .10, or $200,000,000 for this company, legitimately, and paying 20x current value. The big question is the preferreds. Some clarity on the preferreds would allow me to fairly value the company and justify a larger investment.
I have done my DD, the only thing holding this stock back is the management. People representing other peoples' money need this information to move this stock higher.
Right now you have only day traders and home-gamers buying this stock, you need real money to come in and move it, it does not seem like that will happen.
Just think, offering .10 for a stock, getting turned down, and then buying a large percentage of it on the open market for .02 from scared investors. Seems like a good deal to me also.
VERT. Here is my opinion. They got caught with a ton of short shares making a market while this was running from .02-.03. I think they had to manipulate the market and keep share price low to unload all those shorts. Now they have cleared that up and are back to traditional market making.
I think at the same time some savvy investors knew VERT would walk this down to make profit and have been buying these shares at artificially low prices, but not enough shares to make any noise and drive the price up, hence the steady volume of around 30MM shares per day.
Unfortunately the timing of VERT walking this down coincided with some PR's and non PR's which has helped fuel the dilution theory and scared off some longs in the process. It will take some time to recover and get moving but you are already seeing it happen.
Those crazy runs from .0001 cause pain and panic for a market maker not positioned neutrally.
I have reason to believe the people behind Wow Green are the bidders. I also believe they are buying the shares in the open market, and are dying to keep stock price low.
I am buying many shares.
I was talking about hanbool website in reply to a different post.
I think allie let the cat out of the bag when he said that wowgreen would be selling to commercial entities...
Yes, because if it was a scam they would have found a company with a website, made sure it was easy to find, etc... so nobody would think it is a scam. JMO
Thank you!! I was able to pick up massive shares at my price.
If I were a lying CEO I would at least make sure the company I was pretending to sell to existed first.
Why would they do a PR with such easily verifiable false statements?? Don't you think if they were lying they would check the website and lie about a company with an updated and believeable site??
The fact that the website sucks reassures me if anything. JMO.
.015 Close is a nice star formation on daily candlestick charts and this stock performs well in the days after this chart pattern emerges. I will be buying at the close but nobody move it above .015!!
Also, I had a friend visit this facility in Indiana and it is not the nicest building but there is definitely activity.
I am building my case for this stock as it is hard to justify pink sheets without evidence, but so far so good.
Yes but if there were audited financials and an ungagged TA we couldn't buy shares at this nice price!!
I thought wow green only had the retail side?? Wasn't it clearly stated EESO would retain commercial and industrial sales?