I call nonsense. Which parts?
1. There is no institutional investing because this is the OTC and institutions are usually prevented from buying OTC stocks and/or stocks with a p/s lower than $1 and often nothing lower than $5.
2. The LPC floor price is required by the SEC. Is it Elite's fault that the p/s is manipulated down to try and prevent access to funding? At what point is it not clear that was the intent when Elite needed funds and its only source was LPC that the p/s was brought below the 10 cent level and Elite did not have access to capital. Does that not make clear the effort to tank the company? If not it should.
SOOOOOO, when doing LPC 3.0 Elite decided to bring the basement price lower to a never achieved 3 cents per share. Now, how surprised should we be to see that level get challenged? And yet, the good news is that Elite does not need LPC to fund its business. Oh yeah, and the value of Elite is not tied to its p/s but its business development. I have said it before but repetition is necessary at times...so I will say it again...any M&A is predicated on the valuation analysis done on the company not on the p/s. As is true for all businesses - OTC or not.
Amidst all of the noise, Elite has become profitable and maintained the ability to fund itself without tapping into LPC. So, to paraphrase a nursery rhyme...All the manipulators efforts and all the MM men, cannot vary the reality of Elite's value ever again!
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