Saleen Automotive, Inc. (fka SLNN)

[FredVestor]

This is just the beginning . I’ve been saying it from months.

Just in the next few days, you have 2 notes converting. Accounting for interests, they are about $52,500 and $130,000.

The first note, held by JSJ, has a 42% discount on the lower trading PRICE, not close, PRICE of the last 20 trading days. As of today, that’s on $0.001. So they will get 90 million shares at $0.00058. That’s on Tuesday assuming they convert all the same day.

Then the Monday after that, you have the second KBM note converting. $130,910 with interest. This one is at 61% of the average of the 5 lowest trading PRICES of the last 5 trading DAYS. There’s no way to know for sure what the conversion will be, but with the JSJ note converting just a few days before, it could be brutal.

Let’s be optimist and say the stock stabilizes at $0.0014. They would get 154 million shares at $0.00085.

Need I remind that these notes are setup with very punitive cash repay, making them unlikely to be repaid. We all know what happened when the first toxic notes were converted in April, the stock went sub penny for the first time.