Now that it's posted, Read it. This 8K spells disaster for SLNN if it's understood.
This 8-K was suppose to announce that SM Funding had agreed to the LOI and was following their $650K loan (which was nearly completely spent by the end of September) with another $8-10M which they have officially NOT agreed to do now.
So, The LOI is dead. No one is funding Saleen's target $8-10M, even with the promise of 10 free Black Label Mustang's valued at $750K plus 12% Interest. Also, it appears that the CEO is ready to give up control of Saleen and all the IP to SM Funding or anyone else for $8M, which is just barely enough to payoff all the debt he owes. In my Opinion.
The chart just shows that these recent investors are blindly paying a premium for the SLNN shares and are not reading or probably cannot understand the financial information (10-Q and 8-K) being posted to the SEC by Saleen. If they did, they would not be paying more. I mean, why pay 500% more for a stock that will be handed over by the tens of millions, maybe billions, by Saleen to converted debt holders for 30--60% less than market? That would make no sense at all, if it's understood what was really going on. In my Opinion. Like I said Good Luck to all.
