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go to the SEC filings, don't just read the 1-page PR, read the prospectus. it contains everything you need to know to realize how dead this share price is.
drys tells kalani (they're in fact the same, but let's ignore that): "hey, buy some shares from me, let's say 1M"
then kalani buys 1M newly issued shares at a discount to the share price, kalani then dumps those shares in the market at market price.
Drys has now sold 1 M shares and gets to keep the proceeds, Kalani made a profit for the price it dumped vs the discounted price it paid Drys, and the DRYS share price will have dropped because the float has just increased with 1M shares.
then rinse and repeat the same process about 150 times, and the DRYS share price will likely be below 10 cents (or will have reverse split).
like with every deal DRYS makes, it's good for the company, good for vague entities surrounding the company, and very very bad for the shareholder
i am just reading the prospectus
it even contains a provision what will happen if the share price "is equal or below $0.10 per share". that says it all really.
then you're reading it wrong. the 200M are newly issued shares obviously.
yeah right because drys cares about your shareholder interest and will somehow make sure those 150M new shares will be sold in the market at the right times..
DRYS doesn't give a f*ck about its shareholders, it will soon be swimming in money and have a billion shares outstanding. Its CEO will once again be able to make all sorts of deals that favour only him, while you guys get reverse split after reverse split after reverse split.
the setup will likely be the same as last time. but even at current prices, 200M is 50 million shares (assuming no stock price decrease). the 200M will probably mean another 150-200M shares. Good luck with that on a 33M float.
who is going to pay for that 200M? that's right, you guys are.
long before that 200M is raised, DRYS will have done two more reverse splits.
if you guys don't understand what terrible news this is for shareholders, you weren't around last time DRYS raised 100M and the shares went from 115 to 4.
those of you who noticed that S-8 filing two weeks ago, know what will happen next.
there was in the days i was actually still worried my short might blow up, and i was actively monitoring (november 18, 21, 22, 23), and then several days in december as well. Now my short is so green I don't really watch it as much, what do I care about 20 cents up or down. But the pre-hours spike and the noon spike is real, and always gets sold.
and there's the usual noon spike. like clockwork, as always.
last squeeze we did know the nr of outstanding shares (1.1 million) and it was tiny. DRYS went to 120 on 100K volume a day, now we are trading 500K one hour before regular trading even opens.
your calculator is broken. come one, this is basic math.
Morgan Stanley also doesn't know what the OS is, nobody does except DRYS. MS base their filing on the last publicly known OS, which is 1.1 million shares. Morgan Stanley owned 69.903 shares TWO WEEKS AGO (worth about 300K currently).
You guys on this board together own well over 69k in shares. You guys together might even own > 100% of the old float at this point. But the old share count doesn't matter, as it's old. The real float is definitely over 10M and very probably over 20M. So, what the filing basically says is Morgan Stanley owned ~0,3% of the shares two weeks ago. Wow..
notagain, when we went up the float was a few 100K. now that few 100K has already been traded this morning, you do a calculated guess on what the float is at this point.
every day the exact same pattern. gap up early, heavy selling afterwards, a spike at noon, more heavy selling and a close down before receovering afterhours. rinse and repeat, while the share price goes lower and lower.
yet every day still people BELIEVE this will go up. you are wrong, mathemetically it can't go up, every day x million new shares hit the market. when there's more buying, there's just more shares being issued to absord that buying. any spike is sold with new shares, it's soo obvious.
toby3, interactive brokers is a regulated broker, they do not allow naked shorting. they only show shares to short they can borrow.
besides, why would anybody naked short if there are millions of shares short currently available. nobody needs to short naked, plenty of shorts around.
amili, Interactive Brokers has >10 million shares available to short. Login to your account, use your tool and you can see for yourself. This tells you the OS is at least 10M (and extremely likely much much more). Mathemetically the short availiblity can't be bigger than the OS, it just can't, it's impossible. So, there's your proof the OS is >10M at least, which everyone can verify.
i;m not talking about the reverse split. i'm talking about the massive dilution that took place and is still taking place, with tens of millions of new shares being issued as a result of note conversion.
in your example, 6 ml of water used to be in a 1 L bottle. now it's 6 ml of water in a 15L? 20L? 25L? water tank. You understand now?
i;m not talking about the reverse split. i'm talking about the massive dilution that took place and is still taking place, with tens of millions of new shares being issued as a result of note conversion.
in your example, 6 ml of water used to be in a 1 L bottle. now it's 6 ml of water in a 15L? 20L? 25L? water tank. You understand now?
i like "stupid money don't make no money" better in this case.
very wise of you. that price action has been down down down every since i started posting in this thread, and with good reason. as long as the note is not gone, every DRYS spike has been and will be sold down. if you trade the spikes, good for you, otherwise you're throwing your money away, as many others have before you.
Morgan Stanley owned 69903 shares on November 23rd (2 weeks ago), that's like a 0.3% stake max at the current OS. Morgan Stanley (with many other financials) routinely owns these number of shares in the ordinary course of trading. The only reason they are now filing is because DRYS refuses to update their share count, resulting in a ridiculous situation in which everyone that owns a minimum number of shares quickly owns over 5% of the old share count, and the whole world combined actually owns over 2000% of the old share count.
Really, the concept is not that complicated.
yeah you guys have been saying that for weeks now. every single time i've explained to you why it won't (and can't) run as long as the notes hasn't been fully converted to shares yet. every time i am right and you are wrong. it's getting kinda old.
these kinds of posts crack me up. shorts have been short since 15 and up. at that point they were at the risk of getting burned, now they're just waiting for DRYS to break 2 bucks. nothing short term can really hurt the shorts at this point, they're sitting on a sea of green.
these ownership filings are laughable. they are all based on the old share count. just think about it, someone might soon be filing for owning a 125%-stake, based on the old share count of course... that would be a first.
i'm guessing quite a few large traders need to be careful they don't accidentally hold a >5%, again based on the old share count.
the real float is at least 20x the old float, DRYS needs to update on material news, their updated share count surely is such an event.
might gap tomorrow, before being sold down again for the 2000th time when regular trading opens of course.
ok, so explain to me what this has got to do with CBDS?
Interactive Brokers reports over 10 million shares available to short this morning. This mean 1. the float of this thing is >15M and could even be over 20M or more at this point. 2. it's not widely shorted, as there are so much shares available for shorting.
because the note converter puts in massive blocks of new shares on the ask. so every spike needs to go through these blocks before heading higher. on the way down these blocks aren't there. so upwards takes much more volume than downwards. your observation is correct and what you're seeing is massive(!) dilution. this won't end until drys is near 1.50, as i said: this stock is rigged.
DRYS just refuses to run further, doesn't it. I wonder what's causing that. Oh wait, I know. And those of you that read my posts know why as well.
haha, margin calls? most shorts have been short from the 15s and up.
just check your L2, 20k shares on the offer every 5 cents up. who do you think these shares belong to? i think i know..
sure, it's great news for the company. not very surprising but great news.
and a great opportunity for that noteholder to keep dumping shares. the more shares the noteholder can dump, the more proceeds DRYS get, the better is it for the company. however, the more shares the noteholder can dump, the bigger the OS, the lower the pps, not good for the shareholder.
you see, the company and the shareholder interests are not aligned. DRYS will surive with a 75M OS very soon, all thanks to you guys.
just out: DRYS CEO now owns vast majority of DRYS debt
in other words: the "independent" note holder dumping shares right now makes a profit. DRYS gets the funds for the notes and pays off the CEO. the note holder makes millions, the CEO makes millions, and the shareholder gets shafted. Well played, well played.
50.000.000 shares being dumped, and you think my point is "immaterial" because of about 20M volume a day? are you being serious?
that's not the marketmakers trust me. that's a noteholder making millions on the back of longs that are chasing this.
what would be even smarter is buy another 300000 somewhere along the way, then do a new filing and pretend you're a 20% holder. which of course with the updated share count you're not, but that part seems to be lost on many.
important to realize: if the share count would have been updated, this filing would not have happened as this guy owns no where near the threshold. we never would have known. yet he files based on the old share count, and suddenly it's very meaningfull all of a sudden. again, smart move.
you think? the note holder made uhhm about 15 million until now (and much much more to come) so far dumping on you guys. you really think buying 300000 shares, do the filing, and then selling the shares again is "a big chunk of change"? i think it's pretty smart actually.
vc, then argue based on my logic. tell me what is wrong with it. not just repeat that insider buy which is obviously a set-up to lure in more people.
he's not an insider. he's a 10% holder based on the old share count. based on the current share count he owns 2% or smth. if you can't understand you are being set up here, i don't know what to say.
that somebody can't possibly know that. at the current conversion prices you're looking at about 50 million new shares to be issued. by now, looking at volume, they might have dumped 10-15 million max.
maybe they let drys spike one or two days (i doubt it), and then resume the selling. maybe they resume selling today. ultimately, any spike will be sold hard for weeks, if not months to come, until we're near the 1.50 minimum. then likely the minimum will be lowered further, and we'll quickly head towards a new reverse split and this whole game will repeat itself.