Because no one really knows enough...
The shares are very tight... very little interest or available at this level.
Caution about moving up the bid until the value picture is more certain.
Foremost is the statement in the acquisition filings to retire 800mm shares and 80mm shares from two Plad officer holders. This leaves a share structure of about 8-10mm out with float of 2-3mm.
Right now we show 690mm out ( after retiring 200mm). Float 'apparently' still 2-3mm. This feels true based on very tight trading and spreads, but...until all settles hard to know.
Why important ? Are we a company with cap value of $200,000 with 10mm shares out @.02? Or are we a company with 690mm out with cap of $13-14,000,000.?
Additionally is an evaluation of how far along and realistic the business and operating plan is? We don't know. What is the real experience , ethics, and resources of mgt? We don't know.
Also Kona , the parent of Elev8 , has an outstanding statement to give its shareholders a share dividend from transaction, which given the above would likely come from re-issued shares.
New CEO has yet to speak apart from brief comment in the acquisition release. Interestingly he states there the desire to move to stronger NASD exchanges.
So why bid low? Caution with too many unknowns. Also premature given releases and pending.
The current tight float will likely remain tight - but again likely they will use shares for operating and will issue. How many ? Hard to say. If a strong ethical serious team ( we have all experienced PS bs) would make the company stronger to implement plans ( hopefully not just line pockets).
My speculation ... if they honor the stated share retirement , and let's say reissue 50mm or even 100mm for dividend and operating, would set the stage for company value at 2mm (100mm @.02). Then roll out a realistic biz plan of scale, with aggressive growth in hot market you can easily see this 5-10x higher.
All just idle speculation , but reasonable risk for huge upside IMHO.
The next filings and releases will begin to paint the real picture.
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