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Not sure what you want me to say G. I stand behind my statement regarding the fact that it is the broker who is refusing to sell in Canada, not the result of the cto. My suggestion is to speak with smaller firms that can make decisions with less need to ask permission from multiple management levels and perhaps focus on British Columbia because that is where I've been told that it has definitely happened. I've spoken to someone who I know has sold and the indication is that he had to try a couple of firms before finding one willing to do the work. He only had about 80,000 to trade out but was able to do it and put almost $4K in his pocket. You have to have documentation to support pre May 2007 ownership or it doesn't work.
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Go to British Columbia Securities Exchange Commission order (2007 BCSECCOM 240) which was dated May 9, 2007. 28 companies are covered by the order. The order states under bullet 3
"Despite this order, a beneficial shareholder of each Reporting Issuer who is not, and was not at the date of this order, an insider or control person of that Reporting Issuer, may sell securities of each Reporting Issuer acquired before the date of this order, if,
1. the sale is made through a market outside of Canada
2. the sale is made through an investment dealer registered in
British Columbia, and
3. the investment dealer maintains a record of the details of
the sales made under this provision.
This is the only one I looked up but I would hope that the different Canadian jurisdictions would be similar. Maybe the people I'm aware of all traded via British Columbia brokers but they all don't live there that's for sure. :)
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Sorry but I repeat......Canadians can trade and by that I mean they can sell. They can only sell what they owned before May of 2007. What they cannot do is buy! I'm now aware of even more Canadians who have sold. That isn't good for the stock price because it only has one side (all sell and no buy). In an earlier post I indicated that if you have a broker who says they can't sell for you then they are just taking the easy way out. That tends to be the case with larger brokerages. If you ask to speak directly to the compliance departments you will likely get a different answer.
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This is all very purposeful buying. There are purchases being made near the beginning of each trading day. The bid/ask is being moved around. Not sure of the why but it is very patterned. I suspect that the accumulation is a single person or a connected group.
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Next up is the 10K which is due by the end of the month. Hopefully it will reference the lighting business in some way. Legally the company is only required to report on a quarterly and annual basis. The exception to that is if there is a "material change" in the company. That has to be shared with shareholders. I guess we can assume that there has been no "material change". Other than that there is no obligation to put out news. Most companies will put out news to build interest or to promote but that certainly doesn't happen here.
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That trade is a very typical ploy in this marketplace. The intention is to encourage selling to the bid. In some jurisdictions these types of sales are not published because of the obvious manipulations in sale price.
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They can only get contracts for lighting by using CeraMicro. No Vegas buyer can afford to take the chance on supply chain, parts, warranty or any other service factors with TAKD. It can only make sense for TransAkt to be a reseller if CeraMicro is accepting the role of service provider. It's only a guess but I have to think that's getting in the way.
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This is a deliberate price "walk down" The assumption about lack of bids is correct. In the OTC world this happens a lot. Often it is accomplished through short selling but sometimes people just run out of patience and liquidate a weak holding. The clue is in the lot size sale that drops the bid. A retail investor would never limit the bid to 5000 shares at this price level. The cost of the transaction will approach the cost of the shares. The brokers can basically do this free of charges except for a small tax charge in some jurisdictions, so a single lot size sale can be used to drop the price. The broker will hope that the seller will sell to market if they aren't short selling to themselves. That happened earlier in the year when the price dropped to .007. With no depth to market the seller got blitzed. Fortunately this time it was either a short sell or a retail seller who fixed the ask above the current.032. Of course without bid depth the same process can be used again to take the price down to that level if they want. The bid depth was there for a while but as has been said the lack of news and follow-up has dried up the bids. Too bad because I hoped that the company would work to hold the .05 level. Someone spent $50K last week trying to do exactly that.
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We have a 10Q quarterly report due in the next few days. Last year they filed the quarter on Nov. 15. Maybe we can get a hint from that.
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We are only talking $15K here. I suspect that someone who owns stock is using this like a put. If you purchased a bunch of the 2 cent stock you have locked in a profit and can repurchase if your hunch is right. If the price goes up, the worst that can happen is that you make a slightly smaller profit. The history of this stock tells us that even the most optimistic amongst us can't make a case for this thing racing away from a shorter trying to cover.
I guess your batteries are low. Check the math again. it's correct. Remind yourself that the 150% bump is from the new level.
I'm not speaking about 150% of the last price but rather a 150% bump!
150% of a 5 cent price is 7.5 cents 5 x 1.5 (150 %)= 7.5
but a 150% bump means 5 cents plus the bump ( 5 + 7.5 = 12.5)
Or maybe I just didn't explain myself well enough. Flawed logic and flawed communication often go hand in hand. :) Too much of a fantasy anyway. The important point is for the stock to hold in the 5 cent range during the lull and then make another move. All of us would welcome that I'm guessing. We are all the long suffering...... we all deserve a few more upward moves.
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I guess that the positive in that is that the stock used to be stuck in the 2 cent range. If, and that's a big if, the stock next gets stuck after a 150% gain we would be happier. Done 3 more times and the stock would be stuck somewhere north of 75 cents. I, for one, could be very happy with that number. Fantasy I know but.......
The Math
1. 1.5 cents when moved up 150% = 12.5 cents
2. 12.5 cents when moved up 150% = 31.25 cents
3. 31.25 cents when moved up 150% = 78.125 cents
Ok, I know... up 3 cents per bump and it still is at 14 cents with 3 more moves.
As long as it doesn't back up during this quiet period I can live with it. We really can't expect it to stall at the very top of the range. That is very rare.
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The unfortunate part of this is, that, we could put all the retail investors in this company in the camaro! The buying that has happened up until now has been choreographed to coincide with the announcement. No changes to the company website except that the news item appears. No coincidental news release from CeraMicro re the Zigbee application. At least the website could have had some splashy visuals. A $70 buy to put the stock into the green doesn't trigger anyones' alert software unless their alerts are set so low that they have thousands to look at.
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I'm aware of sales in both Toronto and Vancouver.
I will repeat what I've said before. Canadian investors can SELL the stock. They cannot BUY it. I'm aware of several Canadians who have sold the stock legally in Canada. It is highly unlikely that a Canadian would be allowed to sell electronically so it has to go through a broker and they would need to be able to prove that they owned the stock prior to the CTO. They have to convince their brokers to do it. It probably means a higher commission as well. If you are unable to sell and you can prove ownership prior to the CTO your problem is your broker not the CTO. If they say they can't sell it they are lying plain and simple. What they really mean is that they don't want the reporting complications that come with selling on your behalf.
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Canadians can sell if they can find a broker to do it as long as they owned the shares before May of 2007 (date of cto). The problem is that it's extra work in record keeping for the brokers and they don't want to do it and the fact that they have to deal with an otc marketmaker to do it. The cto is clear. Sales outside of Canada are permitted. I know of Canadians that have sold. They just can't buy the stock under any circumstance.
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If you can't sell in Canada it must be because of the brokers. The specifics of the cto in Canada provides for selling under certain conditions so your regulators are allowing sales under tight rules. You can actually see the conditions in the cto document if you look it up. The NASDAQ otc marketplace has very little oversite so many foreign brokerages avoid it rather than play with fire. I suspect that you are being told it can't be done because the brokers don't want pandora's box opened. Most compliance officers in foreign brokerages would rather not have to do the work associated with selling.
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I'm glad you are optimistic today. On other days you seem much less so. The news release this morning is something that we already knew. The simple fact is that the company has been kept alive out of the pockets of Wu and the directors. They haven't issued news because it was expensive to say nothing. The bulletin board is like a lottery. A high percentage of the companies listed on it fail. I call it a lottery win if it goes because they have significant debt and are only now at a point where their quarters are showing essentially a break even number. IF they can start turning a profit to service the debt then the company can survive perhaps even thrive. To me that will be like a lottery win. I've never referred to it as a pump and dump it is just extremely risky as investments go.
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I used the word IF several times in my post. My comment reflects what I know about the nature of the market. I don't mind seeing a growth on the ask side. It is normally a reflection of a belief that the possibility of selling exists. It's also not unusual to have little on the bid side in a dead market. IF (notice the upper case...that's for emphasis) something is going to happen in an attempt to move the price up, you are not going to see huge dollars on the bid side until they are in the process of moving the price. The money would be on the sidelines and invisible so the price can be moved without draining the bank. Literally millions of shares could show up on the ask and stymie the move when long suffering shareholders see a chance to bail out. Once the move has happened selling pressure is reduced because those same shareholders start to get greedy and hold for a bit more and a bit more. That's how a new base is established. The large bids would only happen if someone wanted to insure against the stock being run to zero. There is very little pressure on the ask because no one is hitting the bid except for the little pieces (like yesterday) which only happen to keep the quotes fresh so that account values can be kept current. When a stock hasn't traded for days it is difficult to assign values to accounts. The .025 yesterday is like hitting the refresh button on your computer. It simply reaffirms the stock value for accounting purposes and basically costs nothing to do ($25). This stock is behaving like many unknown penny stocks and it isn't surprising. We will have a lottery win if management revives this. News releases cost money and they don't have any money. Angel investors are this stocks' only hope. gdubya believes that there are some angels in the wings. I hope he is right.
The volume on the ask is not a problem IF there are "angels" in the background. $100K would blow through the .07 mark with ease. I don't mind seeing the volume on the ask. IF there are investors in the wings they will want to create a position without having to sell the ranch to get it. If there is merit in the story then it would make sense to start to build the volume on the ask. Nobody will pay attention to a price appreciation if it is based on thin trading. I would be happier to see even more volume on the ask below .10 because that's the only way to establish a new base for further gain. jmho.
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It is moving today. Something appears to be going on. Depth is improving.
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Not quite nothing. Not big bucks but a nice finish and NITE has moved their bid to .03. Wonder if we are starting to see something here?
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Hopefully one person won't prevent sharing of info. I for one hope that information continues to be made available. On a board with 14 people a "pumper" would be wasting time. GDUBYA I hope that you will rethink your response and share what you hear.
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They can have their office wherever they want. They are simply registered in Nevada. Doesn't make sense to stay in Alberta for too long though. Seems like they are working on selling lighting systems in Vegas. That would suggest having an office there but who knows.
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They won't say a word until they are officially registered in Nevada and the ASC can no longer cripple them. Traders are simply playing with the trains. Nothing in terms of stock price will mean a thing until the volume builds to a point where significant coin is changing hands. There hasn't been a big dollar day in several years. $500 in trades won't do it. The very fact that they have started this process tells me that they are trying to get this going. They basically have to borrow from the principles to do any business. I have to think that those people want to get paid back and think they will. The next 45 days should begin to tell us what chances we have.
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Company has pretty much become invisible. I expect that it won't survive til year end.
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Everything you needed to know about this you saw yesterday. I've been in this business. The price pushed up to above 4.5 cents and immediately Nite dropped the ask to 3 cents then sold 100 shares to themselves at 2.5 cents ($2.50 wow!) to get the price back down. Either Nite is working for Wu to hold the price or they are determined to stay on top of it for other reasons. Either way we as retail shareholders are at their mercy. If the company (read Wu) shares info that motivates buying and selling then the market can become real again. If not then it will continue to be controlled by Nite (or any other house that cares to put the time in) and some traders will make meal money every once in a while at our expense. That is what the OTC is!! Any company that has any real potential gets off this board as soon as they can. Companies exist here because it is cheap. That's the only reason other than lax rules regarding disclosure etc.
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They didn't file on time. It just gets worse from here. It doesn't appear like this group could organize a dog fight. They can't seem to get out of their own way. Something stinks, Kabani and Co didn't quit without reason. Now Kabani won't sign off on their responsibility with respect to financials. Unbelievable incompetence. If we don't see financials today the glue gets stickier.
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If we don't see any filings or extensions then she's cooked and I can at least forget it and chalk it up to stupidity on my part. Hard to believe how badly this was screwed up.
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SEC filings due by tomorrow unless the company files for an extension. This should give us some idea of what is going on. That is, of course, if the company files.
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I have heard that Wu was in Canada recently. Other than that I haven't heard anything. If they don't file financials with the SEC by the end of June then kiss this one goodbye. Hope they file.
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Not likely that the new auditors were selected to remove the cto. Edward Wu is the CEO (not sure if he is related to James or not)and he and the company specialize in Taiwan and China. They are also a SoCal company, having their office in LA County northeast of Anaheim.
TransAkt is a mess and much work is necessary to fix things. I expect that Kabani just wanted out. We have had no news except the resignation of a director and now the auditors. Doesn't anyone think this is a bit worrisome? I do!
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If the company has given up fighting the cto then they have until June 30 to submit year end financials to the SEC for the OTC listing. Maybe that is happening. There is really nothing more that the ASC can do to them. Would be nice to know though.
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Nite has obviously decided to move the price back down. The dollar value of the trades tells us it isn't retail.
The ASC says the company has not yet met reporting requirements that have as a primary function " the protection of investors from the risks of incomplete or innacurate reporting by a company under the jurisdiction of the Commission". That was included in an email response I received when I questioned the status of the cto. I still believe that they will never meet the demands. The corporate structure is unclear and the Halee deal was botched. Halee did not maintain clear business records. They did not have to report to a regulator and reporting to Taiwanese government agencies for tax and other purposes is notoriously sloppy. They can't invent it, I think they have tried and failed. Make no mistake...this company belongs to a very small "few". Wu and several associates simply "put up" with the handful of upset retail investors by leaving Mr. Nielson to respond to our questions. Changing jurisdictions may help but remember that typically takes months to occur and I'm not confidant that an application has been made yet. Unless someone decides that they want to accumulate now in anticipation of future good news this stock will continue to do nothing for a long time.
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Obviously they can't fix the CTO. They made huge mistakes with the reverse takeover of TKT by Halee. They can't satisfy the ASC to the point where the ASC feels that the stock can be purchased with the confidence that all relevant financial disclosures have been made or can be made in the future. I have to guess that the CTO will never be lifted. Hope I'm wrong but I doubt it. The company has never been able to get it right regardless of who has run the show. Amateurs in a professional world and the stockholders have paid the price.
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Very unlikely I would think. The company is comatose. The only thing that can save it is having the cto removed. Even a related company is unlikely to gear up and produce any product because without the cto removed the company is not capable of raising the funds necessary from stock offerings to allow for the ramp up and for marketing. CeraMicro isn't likely going to front the money so it has to be raised through equities.
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It is good news. I hope it works. Is there a time frame for review? I've noticed that many of the marketmakers are not listed today(including NITE) on the OTC website for TransAkt and I wonder if that means anything?
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NITE is the original marketmaker for the company. They managed the show when the company first went to the bb. They would have had the most accurate company info. I suspect that they had a float to manage to keep the balance maintained in the market. Something happened so the relationship ended or at least appeared to end. My guess is that the float is still being played with, perhaps vindictively(less likely)or perhaps in the hope of positioning should a price recovery ever happen. All absolute guesswork given the fact the company has been silent since mid August.
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So true extreme. The cto right now is the only important issue. Might be too late though. Hope not.
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As I said earlier your best bet is to phone. I understand that they are still in Calgary. Email is easy to avoid.
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