Looks like they are serious about coming back. Check out their new website investor tab. http://saleen.com/about-saleen/investors/ A whopping 1:2000 RS They have a slide show put together for investors.
• Conversion of $8.4 million of Debt to Equity • Greatly improved Balance Sheet including vast reduction of corporate debt • Raised $2.5 million of additional Equity through Private Offering • Conversion of Preferred Stock to Common Stock • 1:2000 Reverse Stock Split Completed • Positive EBIDTA for 2017
2017 Financial Restructuring • Raise $2.5 million through sale of Preferred Stock (60% complete) • Convert $8.5 million of Debt to Equity (DONE) • 2000:1 Reverse Stock Split (IN PROCESS) • Convert Preferred Shares to Common Shares resulting in 21 million Common Shares Post-Split, fully diluted (To occur upon completion of reverse split) • File Form 10 Registration Statement with SEC (To occur upon conversion of Preferred Shares to Common)
2017 Financial Highlights Quarter Ended March 31, 2017 Gross Revenues $1.5 million Operating Profit $0.8 million Net Income $0.4 million
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