Massive sell off of converted shares continues. 8.7M shares traded so far this morning and the price is DOWN (13.3%)not up.
All the chart readers on posting on SLNN are not calculating the amount of shares remaining to convert and be sold off.
There is no less than twenty post's over the week-end predicting an upward spike of SLNN's share price this week. They are all wrong! This sell off will continue. The assumption being made is that the millions of shares sold each day are all converted shares and that the end of the sell off is done or nearly done.
This is a wrong assumption. The same shares are being bought and sold over and over again and only a percentage of these shares are from all the creditors cashing in their converted shares:
Rock Capital, LLC
Vista Capital Investments, LLC
Coventry Enterprises, LLC
JSJ Investments, Inc.
KBM Worldwide
David Weiner
Fred Knoll
Saleen's own BOD's and ex BOD's who quit can cash in now.
All these ex-lenders are trying to sell their shares at the same
time. The SLNN share price can only go DOWN in the span of time.
Their are still tens of millions of converted shares to liquidate with more shares being converted this month and in July & August.
Anyone hold SLNN shares will get less and less value for them going forward. This SLNN stock is headed for .000000001.
If it was one lender cashing in he might hold out for a higher price, but this is panic selling and because of the discounted shares price they converted at they can still sell cheap and recover a percentage of the amount they originally lended to Saleen. Everyone is a loser here. Sell now or watch it zero out.
I am not shorting this stock. I have zero shares and have never held any shares of SLNN. I am just telling it as I see it happening.:)
