On this Memorial Day weekend, it's time to acknowledge the demise of the UNQL stock dream. After over 2 years since consolidating the 3 US offices in May 2020, for the total price of $8 million (and 95% insider ownership through preferred shares), the company has shown its true colors. It is a struggling business barely keeping its head above water, always at risk of insolvency.
The facts are clear at this point. They rely on just 3 customers for the majority of their revenues. It appears they lost HP, and there is no news that Car Parts will be renewed. They pay Great Eagle, Frangipani, and Briones (the 3 Directors) over $750,000 annually while the business can't turn a $2 million profit.
The company is a dilution machine that gifted 525m out of 687m public shares to company insiders, consultants, and "lenders" for zero money to the company. Public shareholders have been screwed.
Worse, there are 9.2 billion more shares waiting to be converted for zero money to the company. For reputable companies, the business gets real money for issuing new shares. Not UNQL. Their insiders and lenders get to convert for free.
Current market cap is $9 million which is appropriate for a company purchased for $8 million 2 years ago that still has 1% margins. Not only does the general market have UNQL pegged, there is virtually no public interest to actually buy any shares. Smart investors know impending dilution doom when they see it.
So, to the delight of the pure hatred posted here, this voice is leaving for good. Nothing more needs to be said about the utter failure that is UNQL stock. Down 90% and only going lower over time. RIP
