Read this!! Is The US Government Investing In Penny Stocks? $700M Could Say Yes
One may think that a near 3 quarters of a billion-dollar government facility would be applicable to major logistics companies. However, YRC held a market value of less than $70 million at the market close on June 30th. It was valued at $1.85 per share; yes, a penny stock. After this news of “expected” receipt of CARES Act funds, YRCW stock exploded to highs of $4.50 during premarket trading on July 1. Shares more than doubled overnight.
According to YRC, here are the specifics of the proposed agreement:
YRCW has entered into an agreement on June 30th under which UST will receive 29.6% fully diluted equity ownership in YRCW (pro forma for dilution from the UST equity issuance), described in further detail below, in connection with the loan from UST to YRCW.
maybe, i think everything about GSEs future will be known by the end of this year. even though they should be 10 to 60 right now, only the mighty pen will make that happen
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