The technical, ‘non-cynical’ reasons are myriad:
- MMEX is a super-dilutive OTCM shell company, with no intrinsic value
- MMEX sits atop more than $40-million in cumulative losses, and current liabilities
- MMEX does not have a viable business plan:
- there is no need for a rudimentary crude topping unit in the Permian Basin
- the plan proffered by MMEX ignores every fundamental in the downstream sector
- this has led to no, as in zero project financing over a period of two-plus years
- MMEX has already demonstrated the complete illegitimacy of its existence, having washed out
the first round of retail investors, through both the decline in PPS, and the first reverse split
- MMEX is currently sitting atop more than 8-billion shares outstanding
- MMEX’s outstanding more than doubled with the events of the last few days, vis. Hanks giving
himself 4.9-billion shares - all of that was dilutive
The end result of all that, all of which is factual, has driven MMEX into pragmatic no-bid territory.
As such, trips vultures and wanna-be flippers are all that’s left to trade it, yo-yoing the PPS between $0.0001 and $0.0002.
The stake through the heart of MMEX (retail investors) is the toxic lenders associated with this ‘deal’. They dumped 87-million shares today alone. The continued hammer-down from dilution caps any potential significant rise in PPS.
A reverse split is inevitable at this point - an O/S of more than 8-billion shares, a number which is still growing demands it. No sane investor chases bad money with good money, especially when at best the next split is 1 for 100, or more likely exceeding 1 for 1,000. To get back to $0.14, where MMEX was post split at the last event would require a 1 for 1,400 reverse split using the recent VWAP as the basis.
The inevitable fall-off in value after a reverse split, combined with compression of holdings is a guaranteed way to lose money. That is the pattern MMEX has exhibited since inception.
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