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Re: Jellyfish post# 1357

Thursday, 11/26/2020 12:34:38 PM

Thursday, November 26, 2020 12:34:38 PM

Post# of 2375
No news from shareholders meeting?

How is it possible that no news has leaked from the meeting in NYC yesterday? Around 1045am EST we saw a massive surge in volume (7m shares plus) that shot it from low 14’s to 17.

My guess (and hope) is that they told shareholders that they plan on getting the additional 180 day extension from Nasdaq to meet the bid price requirements. This would require the reverse split proposed to have been approved during the shareholders meeting first as Nasdaq needs to know how the company intends to cure the deficiency during the next 180 days.

There are only 18 business days left until the deadline and the bid price has to be above 1.00 for 10 straight of those days. So either Nasdaq is granting the extension soon or *gulp* CTRM will have to execute the reverse within a couple business days max.

Based on the action and volume we saw yesterday I am optimistic that they won’t execute a R/S. The only other possibility is that they use their massive cash reserves (38m per last earnings report) to buy back much of the public float but even that isn’t a guarantee to get it over 1.00 for 10 days. 15m would buy almost 94m shares at the current price of just below .16

Guess we’ll hear by tomm but there is no reason for them to execute a reverse split and further crush shareholder value when they have so much reserve cash and a potential for another 180 day extension on the table.

Volume:
Day Range:
Bid:
Ask:
Last Trade Time:
Total Trades:
  • 1D
  • 1M
  • 3M
  • 6M
  • 1Y
  • 5Y
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