Today was a “banner” day for MMEX, wasn’t it?
MMEX met its 52-week low, at 0.0035, after trading below 0.01 for the last 72 consecutive trading days. It will only move downward, with lower highs, and lower lows, the effect of toxic lending, conversion, and eternal dilution - one note-holder alone started with 220-million freely tradable shares, after MMEX’s board/management registered them for the “lender,” on the backs of MMEX’s retail investors.
Today was terrible - 40% or so of the volume the result of those toxic notes converting into freely tradable MMEX shares, hammering down the PPS back to the 52-week low of 0.0035 - and the party is just beginning.
There are likely 120-million to 150-million of those Vista shares yet to go - even stepping out 20-million a day takes time.
To add insult to injury, MMEX, having drawn down that “long-term convertible,” notified shareholders of two more toxic notes, on usurious terms, for a total of $345,000 more dollars - at the current share price, that amounts to 3.1-billion shares of additional dilution! MMEX’s management/board has just royally screwed every MMEX retail investor, crushing them into, and below the dirt.
There is no project financing coming. A visit from a U.S. Congressman won’t help, even if it is really happening (still no corroborating news on the Congressman’s site, Fort Stockton sites, Texas-Pacifico, or TX-DOT site, or anything other than the company’s self-referential PR.)
Today was a debacle of epic proportions. After tomorrow, there is no market-based cure for MMEX’s default on OTCQB. After March 29, there is no corporate action that can be taken, based on FINRA and OTC notification requirements (10 calendar days). On April 9, 2018, MMEX will go back to OTC Pink.
The MMEX debacle is simultaneously hilarious, and sad. That anyone would fall for a share-selling scheme like MMEX is a true mystery. In a “quiet place,” an asylum run by the inmates, where facts about MMEX are disallowed, and in fact shouted down, the fear is palpable, and the history is sad. MMEX proponents fear “momo killers,” fear statements of truth, run amok with wild speculation, and spend time sharpening one another’s tiny spears, their angst comical, their threats and anger telling. Some are true believers, fact-resistant, while being led like sheep to a slaughter by ill-intentioned “authorities.” The reality is MMEX is dead - today’s trading floor proved it. Tomorrow’s will likely reinforce it. As each day passes, the MMEX death-spiral will intensify, fueled by toxic debt, with its management team/board willing, and aware participants in the scheme.
AI
