skeptical... i don't blame you in the least... especially in the otc...
heres the thing... what nearly everyone CAN agree on is that this stock does NOT trade like one should with an O/S of 722mm shares... it trades WAY heavier than than that...
and yet, the company is ADAMANT that the o/s IS 722mm -- and it may be as low as 500mm right now (speculation).
so... something has to give.
if we are trading like a stock with an o/s of 2B... but the company claims 722mm... and we cant prove this in REAL time...
then one of two things must be true:
1. the company is lying and committing fraud. the o/s is not 722mm but is actually 2B or so. for this to be true, RME would be shearing the legends off the restricted shares illegally and floating them. spng isn't diluting directly... this much is impossible... but, the argument is that the shares are moving to rme and then into the open market. The RME's carry multiple restrictions and would have be frauduently unlocked before being dumped.
2. the o/s is 722. the excess supply is being introduced and sold short into the market by some highly unscrupulous jagovs. naked short selling. the mechanics involved are intricate, but when you look deep enough, you will find that the mechanisms certainly exist and are used productively in many cases. but, they can also be leveraged. and prior to last week, the SEC had protected this behavior in every single instance under their own regulations.
there is really no middle ground. it is irrational to say, well maybe its a mix... impossible. spng would have to commit fraud for even a little extra dilution past the 722 *technically*...
so you believe that the company is telling the truth... and that leaves you with an exceptionally large naked position...
or you don't believe management.
either way, this stock trades WAY too much avg volume for a 722mm o/s
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