Thanks for this info....
Wish I had read the 2/19 release better:
"Pursuant to the terms of the Settlement Agreement, as approved by the CCI Order, the Company agreed to issue Settlement Shares to CCI in one or more tranches, as necessary, sufficient to satisfy the Settlement Amount, by delivery of one or more issuance requests (each, a “Share Request”) to the Company. Each Share Request is to state the portion of the Settlement Amount to be satisfied by such Share Request. In accordance with the Settlement Agreement, the per share price of the Settlement Shares shall be equal to 50% of the lowest-traded price of the Company’s common stock for the thirty-day trading period immediately preceding the date of the applicable Share Request. Share Requests shall be made by CCI, until such time as the Settlement Amount shall have been paid in full. Additionally, the Company is to issue, pursuant to Section 3(a)(10) of the Securities Act, 664,452 shares of its common stock to CCI, as and for a settlement fee."
The settlement amount is $153,500 for CCI. And the company "initially reserved 50 million shares for settlement".
Maybe I'm missing something, but let's say they redeemed $50k worth on 2/19. The 1-month low then was .0306. 50% of that is .0153, so 3.3m shares worth issued then.
625k of volume on 3/22 and 483k on 3/26 - so being generous maybe 1m shars dumped. 2.3m to go. And now the next 50k they redeem, the new 30 day low is .0110 - so 50% of that is .0055 - so 9m shares to issue.
Now, maybe they decide to hold and wait for good news. But I get the impression these guys want out. They bought the debt second hand, after all.
How low does AWSL have to go to soak up 9m shares? Triple 0s I imagine. And if it does hit 0.125 on any Thursday in the next year, I bet CCI is going to push it right back down.
