My 2 cents on the the developments of the past several days:
To say I am disappointed is an understatement. What happened here was a catastrophe, including for myself. With that being said, to blame the company for this is unfair. Yes, their mediocre performance over the past couple years was the reason the price per share price was in the gutter in the first place, and the reason the RS ratio had to be an unfavorable 1:85.71 — but what transpired between Monday and Tuesday was not their fault, beyond what I just mentioned. They couldn’t change the split ratio for a multitude of reasons, as many here have already pointed out.
The run to .50 and the close of .39 the day prior to the split was out of the hands of the company. What were they supposed to do? Keep changing the split every time the price fluctuated by double digit basis points? What if the stock ran to $1 or $2 the next week? Then there’d be a whole new crop of investors crying foul over a split from .39 rather than $1-$2.
It is obvious the big insurance LOI is contingent upon the uplist and offering. While the events of the past 48 hours have been devastating to many, and again, that includes myself, I firmly believe in my heart of hearts that this is not over, not by a long shot. BUT, the company must perform now. They must close this LOI within 30-45 days, as well as issue additional positive developments in the meantime, or this will be delisted. Simple as that. However, if they can perform, and I’m betting they will, the payoff could be huge. The kind of payoff that many of us have waited 2+ years for. The completion of the 145 location LOI will make RELI half of the size of Goosehead, and that is a fact. Getting to Nasdaq was an impressive feat in and of itself. Many here said it would likely never happen, and I was in that camp a while myself.
Lastly, those calling for lawsuits and SEC investigations need to take a step back. While what happened here was unquestionably f#cked up, nothing about it was illegal. Everything was filed accordingly with the SEC and FINRA and went through the proper channels. My frustration is as intense as anyone’s, but understand that there is no clear path for recourse. If you hold shares, calling for investigations and lawsuits only hurts you, because nothing will ever come of it aside from negative publicity.
The clock is ticking. Ezra, Waldman, for once, EXECUTE. No more projections, no more estimates, no more promises of future developments and deadlines, no more “you ain’t seen nothin yet” and “this is only kids stuff” — SHOW us that we haven’t seen nothin yet, SHOW us that what’s visible now is only kids stuff. You will be laughed right off Nasdaq if that continues, you can count on that. Close this f#cking LOI and show us that your words are more than just empty promises.
All of the above is in my opinion.
Good luck to everyone - bulls, bears, longs, and shorts alike.
-Bull
AI
