It is unfortunate that it continues to go down. We can have all the assets and outside investment and acquisitions that we can muster but for some reason there continues to be very little buying pressure.
I expect it is much to do with a lot of what was originally planned having fell through coupled with the pushback of projected dates for things that are required. Shell status is supposed to be gone no later than tomorrow, even though we have had a "done by" date for this several times that has come and passed. Things like Quail and Button mergers being huge selling points for the stock and then vanishing. Then the share buyback being announced with an acquisition goal of 5 million shares and then never being able to get a concrete idea about whether it is or was happening. The Q report said they acquired 320k shares which is great, but they also added 20 million shares when again, no dilution, was a major selling point in the beginning. Then we look at the audits. Several times have we been on the cusp of engaging and starting those only to have it pushed back time and time again for various reasons.
Everyone here knows I am a firm believer in the long term play here. Cohen is building an empire and that takes time and of course unforseen market conditions required multiple pivots in strategy. But it isn't a mystery as to why this stock continues to bleed day in and day out. The unfortunate truth is people have lost faith in the projections of what will be because the backdrop in the last year's performance has been something "will happen" and then it doesn't and fades into the background.
But my faith remains because I don't think there are any more pivots able to be taken here. The path they have chosen is to build from the ground up or rather rebuild as opposed to acquiring large existing outfits like Button. So I am holding my breath on this for now and giving them the time they need to prove themselves once more. I firmly believe Cohen has found his path with Vision and that it will take time to get that all up and running. And alongside it, the trust of investors new and old alike here will be rebuilt again or so I hope. Time will tell.
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