Fliboyz, I would simply say that by Orie's own words in his tweet and PR that his singular objective in doing the RS was to reduce the number of stockholders of record below 500 so he could do the REG A with a minimum of paperwork. In fact, he presented it as a last resort option. I would submit that he knew very well that this would crash the stock price and basically destroy existing shareholders, when the full brunt of the betrayal is reflected in the stock price. IMHO this made it incumbent upon him, given his fiduciary responsibility to shareholders, to exhaust every avenue before taking this drastic action. And offering a WHOPPING $5 for the stock certificates seems like more of a joke than a sincere attempt to get them to act.
And people saying that the ten for one reverse split is "kind" also befuddles me. If you do a RS, then get the price of the stock above a penny, so that six months down the road after this big acquisition, that we don't get another RS to get to a higher exchange. I definitely agree with you that a $420,000 market cap on the company, given the revenues and profitability is pretty ridiculous, but hey, in my investing experience, I have seen stocks remain deeply undervalued for unbelievably long periods of time. And I'm afraid that is what Orie has assured us with this action. I hope I'm wrong, but I also hope people in regular contact with Orie express their full disapproval and persuade him to move in a more shareholder-friendly direction.
News 
Market Data 
Discover 
AI
