Not doubt the company is improving YOY, but whats holding back the pps are the 46.5 million shares outstanding with VNDM, BMAK, MICA, and BKRT smothering the ask. They're way to restless to unload shares.
Their share structure is not attractive in this price range, just look at shareholder equity. Current pps represents shareholder equity compared to the float, not the o/s and this is why its holding at this level. Once dilution becomes more aggressive, expect a decline in share value. Highest volume day they have had is like 20k, is nothing compared to what current s/s is capable to sell into the market.
Seven insiders hold over 27 million shares of which 2 insiders and 8.2 million shares are not held by directors or executives. Where the other 19 million shares are, is buried in their filings but we know they are not owned by insiders.
Though asset to liability ratio is favorable, shares held by insiders and issued to other shareholders for transactions and acquisitions are not favorable compared to pps.
I've seen this way too many times, they handed out shares like candy and once note and debt holders start crushing the bid, insiders trying to unload above a dollar will panic and dump right along side of them.
Filings due in a couple of weeks, if they can't show a significant increase in sales and profits, watch out for some heavy selling which will correct the share price to reflect more in favor of the o/s and not the float.
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