Auscrete Corporation (ASCK)

[piker86]

Before this, with this stock and VOIL I was in when they both did the same thing, announced a big reverse split and massive increase in authorized shares. I thought shareholders would get a vote before something like that happened but apparently they don't need shareholder consent (because they would never get it). The news just came out, no warnings of a board meeting happening, just the split/dilution news. Both times it was obvious they were in a desperate situation and needed money from the split/dilution to raise more money to keep the company alive. Both times I sold the day they announced that news.

This is different. ASCK this time does not need to raise money, the reverse split was done because the share count had gotten out of control and the price was ridiculously low.

From listening to Sprovieri talk last year with some pride about their "tight control" on their low share count (when it was under 100 million) and disappointment when the stock went below 1 penny I knew it must be driving him crazy to have billions of shares outstanding and a stock price of 0.000X. But I too thought they'd wait until they at least got the price up a little before they did the reverse split.