All one of the converting MM's has to do is take a small amount of their inventory and lower their ASK price on a few small trades to .0001 and they will still be able to convert their convertibles at .00006. There really do need to be changes in the way this market gets to raid the commoners equity at will. They get to convert at the lowest price going back 2 weeks minus 40%.
For starts,existing shareholders should get to have 1'st right of refusal on any secondary financing.SLNN could have offered warrants to their existing shareholders in at least some gesture of good will. A well structured deal would have at the very least allowed them an option to preserve some of their shareholders equity. When I started buying this stock it had a market cap of around $40,000,000. It would have been in the investors interest, to have added just 10% more shares and we could have maintained a reasonable market cap and raised considerable more monies for SLNN than the pathetic amounts raised through these convertibles.
I call this crap, "Crack Head Financing" gees lets just go to the pawn shop (OTC LOAN SHARKS) and sell a hundred dollar item for ten bucks. And that's pretty close to what happened here. They have all the paperwork ready for you, all they have to do is sign the paper. And piss your money away, it should be a felony or at the very least a mental hygiene arrest.
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