I think we'll get our answer tomorrow about the culprit for the stock drop.
- Musick sold 5,000 shares at 14 cents on the 23rd. Who on earth with 5m shares puts in a transaction for $700. In all likelihood it was a much bigger order and they only got off 5,000 shares at limit price. He comes back today and tells the broker to just "get it done". Brilliant.
- He did the trade right after earnings release so he wasn't restricted, that's obviously not coincidence.
- Form 4 tomorrow I'm wiling to bet shows 100k or so sold by the CEO. In that case somebody might want to have a chat with him about how liquidity works. You just tanked your stock 40%+.
And of course to any future investors will keep in mind that the CEO still directly and indirectly controls 5m shares, and is apparently willing to put in market orders to monetize that investment. I get the fact he probably has all his "wealth" tied up in the stock and may need to pay the bills, but surely there's a more sophisticated way to go about it? Especially when it's nearly impossible to line up people to actually invest in the company.
Of course I may be entirely wrong but I don't think so. There was nothing in the 10Q that caused me alarm or anyone else.
Such is the world of penny stocks, and probably not an impressive day for the company.
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