Company is swing trading their own stock now, is that legal???
They sold shares at $2 in November per their PR and now they're buying the shares back for $1.00. First they stopped putting out any PR's for two weeks to tank the stock price under $1.00. Then they start their buyback again.
“As recently as November, 2007, we raised equity at $2 per share. Therefore, today, we were able to retire our shares for about one half of our recent equity raise. We intend to make additional open market purchases. On January 9, 2008 Titan’s stock closed at $0.94 per share. Titan’s stock reached its 52 week high of $2.35 per share on October 18, 2007.
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Titan Global Holdings Affirms Open Market Buy Back Plan
Board of Directors Continue to Cite Attractive Share Price and Company’s Plan to Decrease Share Supply
Titan Global Holdings, Inc. (“Titan”) (OTCBB: TTGL), a high-growth diversified holding company, reported today on the Company’s previously announced 4 million share open market buy back plan. As of today, the Company has repurchased 1,178,557 shares of its common stock in the open market at an average of $1.37 per share.
In explaining its decision and the buy back plan in May, 2007, Titan’s Board of Directors cited its attractive share price, reported record financial results and strategic progress from its various business units. The management, directors, and strategic investors of Titan continue to increase their ownership, which was already approximately 75% of the common stock issued and outstanding shares prior to the announcement of the commencement of the buy back plan on May 9, 2007.
“Titan’s management, directors, and strategic investors view our share price as an exceptional value proposition given it is trading at approximately 50% below our 52 week high,” said David Marks, Chairman of Titan Global Holdings. “As recently as November, 2007, we raised equity at $2 per share. Therefore, today, we were able to retire our shares for about one half of our recent equity raise. We intend to make additional open market purchases.”
As of December 31, 2007, Titan had in excess of 2,000 shareholders. On January 9, 2008 Titan’s stock closed at $0.94 per share. Titan’s stock reached its 52 week high of $2.35 per share on October 18, 2007.
“We intend to take advantage of our attractive current share price and will continue such purchases with the resulting decrease in the Company’s public float,” said Bryan Chance, Chief Executive Officer of Titan Global Holdings.
Titan has made these purchases consistent with SEC regulations. These purchases will be reported in Titan’s Form 10-QSB and Form 10-KSB filed with SEC.
