Biolife Sciences Inc (BLFE)

[SteveF]

If there is proof that the float is 5 million than this will run.

Math shouldn't be your enemy here... Since the AS has been 500 million since 2008 and wasn't adjusted by the R/S, it's not physically possible for the float to be 5 million following a 100:1 reverse-split... An equity's "float" is the amount of free-trading stock available for sale (OS minus restricted equals float), so for the float to be 5 mill that would mean that no restricted stock exists.

Here's my guess: the OS was maxed-out at 500 million so they R/S 100:1, bringing the OS down to 5 million (for maybe an hour or two). That R/S immediately triggered the conversion of warrants/options still held by "investors" of the shell pre-merger. Such warrants/options weren't affected by the 100:1 split ratio so we're probably talking millions upon millions of new shares issued to these insiders last week while existing retail shareholders had their holdings reduced by a factor of 100. The only meaningful supply of shares available for sale to the newbs attracted by the manipulated run-up would have to come from those insiders. When the supply of newbs buying their stock dried up the PPS couldn't maintain it's artificially-inflated price for more than a couple hours.


P.S. If the OS is more than 5 million (and that's what you're suggesting when you say the float alone is 5 million) then that proves they began issuing new stock immediately following the R/S.

P.P.S. I just noticed Pinksheets says the OS is 603,784 as of Aug 25. That would make the pre-split OS 60,378,400. 4.6 million shares issued last week (an 800% increase)?

Outstanding Shares
603,784 as of Aug 25, 2010
Authorized Shares
500,000,000 as of Jul 23, 2010