Always interesting for a shell after its first big press release to see how the stock reacted.
So far I'd say pretty good. For this company, there has to be gapping as there is very little supply (only 1.4 million in float). This shell has been inactive for a number of years and different people are waking up to their shares being worth something after all of these years. You are going to get blocks of 20,000 or 30,000 shares that have been held for 6 years and suddenly decide to sell. Yesterday there were two 20-minute periods of selling in amounts that equal approx. 10,000 or 20,000 shares. These purchases will establish a higher low or a higher entry point for the shares. Overall it was a good orderly market with no pump runs and no mass selling.
Also, not a lot of people know about this stock. Imagine if just 100 people put $1,000 in this stock. That's $100,000 of buying. That's 11% of the float. Yes, think about that. The volume yesterday on that announcement resulted in 118,845 shares traded. That's 8% of the float. (118,845/1,400,000).
Crazy right?
The question with these is- are they done with announcements or do they have more behind this? I'm thinking they do, They signed this LOI on December 26 (from the About Greenlight Section of the first press release- "On December 26th, 2022, the Company executed an LOI with a licensing company that has ongoing business relationships with most of the top professional sports leagues as well as several iconic brands and athletes. The companies have targeted an early to mid-March closing pending due diligence and the successful completion of audited financial statements. The Company intends to amend its name and trading symbol with FINRA as soon as it believes it is practicable."
So they were ahead of schedule in closing (Mid of Feb not March) and since it is licensing company I'm thinking Gametime was negotiating with a big star and wanted to offer stock as a kicker to get the deal done and that's why they sold the assets to Greenlight (BTW- I love the asset purchase- no headaches from the previous company). That's my thoughts and opinion not based on anything.
I'll bid-sit here for a little and see where it goes but so far I like the trading. If it can hold mid $.50s-$.60 until the next announcement that would be great.
Bullish
