Mitesco Inc. (MITI)

[Threeflight]

Well I think we found the culprit for the red day today despite the good volume buying.

The main issue as I see it, and I thank stock rocket for showing me this, is the convertible debt. I had looked it over before but not so meticulously. Obviously some debt is being converted as we saw the past few months. Nothing huge but it has been there. No way we should have finished red today though. Unless.....

I have been going over the debt and besides the previous few $million in debt that they have on the books that can already be converted but has been light so far....they have about $800 K in debt that can be converted starting on Weds of next week (May 20) with Eagle Equities. $256 K on May 20, $256 K on June 16, and $256 K on July 22. They also got a sweetheart of a deal as they get shares at 60% OF THE LOWEST traded price during the past 20 days. Not closing price. Traded. I can tell you from past experience that Eagle sucks when it comes to being gentle with conversions. They will screw you over every time.

So I think the lowest traded price in the past 20 days was right around .019. 60% of that is .012 or so. If they convert the entire $800 K at .012, that is about 70 M shares of dilution, which would double the OS just about and absolutely kill the stock.

So I am guessing the MMs, knowing or at least thinking the coming convertibles were about to start, were shorting the stock and/or selling their inventory.

So....my piece of advice to MITI is this. IF you are close to getting the PP closed? I suggest you pay these notes off immediately with some of that cash. Because if you don't you can kiss the stock price goodbye.