Better hurry. That $500K poison pill Saleen just swallowed is even bigger than in the past. $100K is already spent repaying a previous note. The remaining $400K will be doled out by the lender to only purchase inventory, so it cannot be used to pay down debt. The conversation was based on the share price on May 15th of .005 and would equal 25,000,000 shares on the conversion date. As of today's close that conversion is already
57,242,857 shares and by next week will be over 100,000,000 shares.
So the $400K Saleen get's from this deal is about two ---three weeks of survival. Saleen is digging a deeper and deeper hole
Which it will never be able to crawl out of. They have already buried the OTCBB investors and now they're just throwing more dirt on their caskets. Steve Saleen and David Fiene should be fired. They have violated their responsibilities to the shareholders.
