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We are all hearing talk on a reverse

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unit36   Friday, 07/31/20 12:21:47 PM
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We are all hearing talk on a reverse split on message boards. I did some searching and I found this message on yahoo finance board below. I do not know how accurate this response is, so please take it with caution.


Guys, I reached out to IR regarding the objective of the reverse split. This is the response I got (below). What you think? This seems counter productive, but I’m a newbie to this, wouldn’t less liquidity mean more potential for manipulation? I am glad we received a stated objective, as long as it is defensible?

“We have been stuck in a tight range of 14-14.5 for some time and the share price and liquidity suggest that we have become a preferred ticker for certain high frequency traders. We issued a shareholder meeting circular a few day ago that included a resolution to permit the board to consolidate the stock at a future date on a 5:1 to 7:1 basis. That got some attention but it just might also be getting undesirable players out of our registry as well (time will tell).

We want to give ourselves the option to do a rollback once we have the financing and Glencore contract wrapped up. Done from a position of strength, we believe this could remove the algo traders from the stock and start putting our shares into more stable US institutional hands. No final decision has been made but rest assured that we will not do this unless and until we feel we have good momentum to support us.”

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