No, you are correct. The fraud on the company and the illegal conversions and sales of the stock caused the steep decline in PPS over a 3 week period. This looks like it happened just before the company planned on going out to raise big money, and they just couldn't with such a low MC. So how do you increase it without hurting the markets? Exactly the way they did it. I think the stock could still go above $20 because the float has barely changed. Remember, its about 320K thousand shares, only the OS were increased to get the MC up. Its the optics of the reverse split, the increase on O/S, the bashing about revenues, the illegal conversions that are now documented in a lawsuit, etc.....that has really kept the stock down. because at 320K shares, this should be over $15 without blinking. Now add in NITE'S MM activities, playing for $1.00 between the bid and the ask, every single day. Not enough support because certain events (and people) have shaken investor confidence. Eventually, the float will be gone, and then any new buying will have an effect on PPS, to me, its just a matter of time, but thats what longs are suppose to do, let time be on their side.
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