Note what the press release states "will provide up to $99.million that will be matched by project participants" up to means as money is spend. So the money ETLY receives will start off small, then grow to larger amounts.
"The U.S. Department of Energy will provide funding of up to $99.8 million that will be matched by Project participants. Federal matching funds will be used to design, deploy, and operate a mature charging infrastructure in support of future wide-scale deployment of EVs, and to evaluate the means to improve the effectiveness of this charging infrastructure."
The company agreed to seek the approval for the delusion of ETLY shares after giving the debenture holders 1 cent a share warrants" increasing the O/S to 860 million upon exercising the warrants" and to seek a approval for a 1 for 50 up to 1 for 100 R/S. And to raise the authorized shares from 300 million to 1.3 billion. The insiders control the company so they will get the approvals necessary.
I originally bought ETLY shares for 11 cents, about a month ago. Even with my misgivings I thought the shares would do better today. After briefly going as high as 46 cents, then falling back to 34.5 cents, I decided to sell at market, every time I checked my sale order, it kept saying pending, for a trader a very, very long time. So I cancelled it, which was foolish of me. Finally when it broke below 30 cents I did a market order and got filled at 29 cents.
I don't like large R/S after they do it I will consider buying back in.
