I got in around $0.06 and am still confident this will rebound, not to $0.50 but somewhere around $0.25-$0.30. There are no more new short sale orders because you cannot short grays. If this was uplisted again, we would have more problems with more short selling. I suspect the reason for the lack of a 211 to this point is the company is looking to legitimate itself again and protect the current investors who entered after the halt. Hegyi understands this and is being very deliberate about his changes. Once it is uplisted the short selling will resume. Therefore the only factor remaining to drive this price down is the selling done by those who still own shares. This is a favorable situation for the current investors to be in.
Anyone catch American Greed last night on CNBC? Anthony Elgindy made absurds amount of money short selling penny stocks in PHOT's situation. At the height of PHOT from March-April, it seemed like a "bear raid" was eminent given the company's market capitalization. In my opinion, that is what the SEC halted the stock for. On one end the company issue absurd financials to bring retail investors into the stock, and on the other hand the ones who really knew the state of the company set out to short the stock all the way down. What would look like a good entry point to the retain investor would really be the professional traders short selling all the way down. The retail investors' buying power would ultimately succumb to the momentum of the short sellers and would have left the retail investors "holding the bag" as everyone here as clearly indicated. In my opinion, that was the reason for the SEC halt.
Given the current situation of the company, they are trying desperately to regain confidence in their core business models, which is ultimately why a long term investor invests in a company. Many can argue that it is a futile attempt, but it is true there is a lot of potential here given the movement of public sentiments about medical/legal marijuana. At this point, at a pps of $0.10-$0.12 it is of my opinion this stock has become a "legitimate" penny stock. That doesn't mean legitimate investment, as all penny stocks are risky, but the behavior of this stock after the halt is indicative of a small company looking to re-establish a name for itself through the public markets.
Again please remember this is all in my own opinion and nobody should base their trading/investing on this post. I am LONG PHOT and will remain long given the improvements being made by the new management.
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