They’re not. Convertible debt holders are low key dumping as to not cause a collapse. They throw in some bid support and then pepper the ask until there’s enough on the ask to dump a load.
This is when a few scalpers will try to come in but make no mistake, the cd players know RONN is cooked. PRs are falling flat. RONN is now over 2 months delayed on the S1 filing which was supposed to be end of June, then end of July and now here we are at the end of August with nothing.
Of course anyone with any sense knows there is no way RONN could possibly uplist to the Nasdaq without a massive reverse split. With 4b shares authorized and 1.25b outstanding at a pps of .002 RONN would need at minimum a 1:2000 reverse split to achieve the $4 per share required to initially list on Naz ($1 is the maintenance price, $4 is for initial listing). Even if Tobique gave RONN $350mm up front tomorrow the share price would barely be .25 but we all know that ain’t happening. Don’t even get started on the tweet from RONN saying they don’t plan to reverse split….if I had a dime for every penny stock scam CEO that said they don’t intend to reverse split only to reverse split a short time later…..bottom line is that unless RONN comes up with about $5b to get the share price above $4 there is no way the company uplifts without a reverse split.
And in response to the utter drivel I read in a post this am, the Tobique folks didn’t just give $1mm to RONN (assuming that is even legit). That money comes with plenty of strings attached and I wouldn’t be surprised if the $1mm was in exchange for a boatload of shares, again assuming RONN ever actually sees the money.
That’s my “arrogant” hot take on this share selling machine called RONN. Have at it with the insults or questioning of my motive for posting but by all means, do not debate or discuss the info I presented about RONN
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