If not out already, I really think we need to sell and sell soon... I would short, but what if company had news or got alternative financing.. that could really change things, but if not.. I think with so much supply coming to market, we could see stock price drop and more than likely it will drop to new lows very soon after the shareholder meeting. I sure hope I am wrong for any who stay long.. but I will not be owning the stock into the meeting.
We have until shareholder meeting to get out. Shareholder meeting will take place sometime between end of July and August 12th at the very latest.
That may seem like a while, but in addition to convertible bond holders beginning to sell stock as soon as shareholder meeting is in.. whether by end of July or August 12th, they will be receiving more stock... who knows, maybe another 75-100 million shares before they can sell the 100 million shares they already own and want to sell.. so that means we could see 175-200 million shares hit the market as soon as shareholder meeting is concluded... that is a lot of shares!!
Well, at least company gave us an update (shrug). Not sure we will be making any money or cutting our losses on this anytime soon.
I think we need to sell soon and wait to re enter until after quarterly results announced, when I expect outstanding shares to be updated to at least 250 million.. maybe more.. seems this is negotiated from weakness.. which is a shame.. shame on Management and on us for trusting them... look back will use 80 percent discount to the lowest 5 day stock price over last 40 days... which means if co pays with stock again in August.. and based on news.. we can count on them to do this.. the price of the stock convertible note holders receive at will be at about 6/10ths of a cent...
Ouch!
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