Friday, March 11, 2022 11:08:43 AM
Buy 10000 SMDM Executed @ $0.157Mar 11, 2022 10:58 AM ET
So make that 35,000 shares in SMDM now. I just bought the company for $5.4 million, and that doesn't make business sense. It's way undervalued from my understanding. $50 million in annual revenue, profitable, and growing.
20 million shares being retired, so I'm calculating by the "ticker" share count. I guess they are in the process of being retired as we speak.
Going by this excerpt from the August transcript:
" I’m still seeing about 55 million shares outstanding, which is not reflective of the actual buyback. So, once that buyback finalizes through the transfer agent, we should start seeing the number of shares outstanding drop by approximately 20 million from the 55 million.
Unidentified Analyst
Well, my understanding from Brendan was that those shares would initially come in into treasury, become treasury stock, and then shortly after that, you’re planning on retiring them. But -- so, they’re not going to be outstanding at the time -- they’ll no longer be outstanding at the time that you bring them in, right? So, they should disappear from account?
Gary Atkinson
They should. They should. Yes."
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