Fonon Corp. (fka FNON)

[pitboss22]

Good news/bad news

Share price tends to drop after a reverse split - bad news

Current share price is almost nothing so a 50% drop from "almost nothing" is pretty much still almost nothing - good news???

That seems like pretty much the end of the "good news".

Now, what makes you think that "the Raptor Management team" think there is ANY potential? First, to which "team" are you referring? The one no longer in existence or the Lantis appointees?

"In connection with the closing of the Agreement, the Company’s current officers and directors (including all members of all committees of the Board) will resign upon closing of the Agreement and are expected to be replaced by Lantis appointees."

Wittenschlaeger and Van Leyen were tasked with trying to find someone to buy the company. That's what they were getting PAID to do for the last several months. This is the best they could do?

Then, what makes you think that CCE thinks there is ANY potential? They have put NO money into this "venture". As far as CCE's "belief" goes, exhanging a worthless debt for 5M shares of LLSR is hardly a ringing endorsement or even a WEAK indication of belief in a "material rebound".

And the 5M shares that went to the "Company", Raptor Networks, which is now 80% owned by Lantis. In effect, Lantis gave THEMSELVES 4M shares (80%) and 1M to be split between RPTN shareholders, including CCE who holds almost 70% of the original RPTN stock after they are issued the 135M shares (13.5M post split) under the terms of the secured notes. So the share attributable to current shareholders (ex CCE) is only about 300,000 shares, split between around 88M current (pre split) shares.

Admittedly, I don't know all the details of the case against the "Mineral King", LOL, but I understand the case was dismissed because of "procedural errors". From the little I do know, it seems the investor put up a lot of money in exchange for a 40%+ stake in the company after which, the company did a reverse split and sold a bunch of shares, reducing his interest to a small fraction. It seems to be a case of many people/entities involved, each with a degree of deniability. The promoters - "I don't run the company, I just said I thought it was a good investment. The company - "We stated the risks, it was the promoters and others who said it was just boilerplate." etc, etc, etc.

You know what the definition of a penny-stock gold mining company is, don't you? It's an empty hole in the ground with a liar on top. A penny-stock gold mining company in the "exploratory phase" is the same thing, without the hole!