Xtreme Motorsports Secures Cancellation of Approximately 47% of Issued and Outstanding Common Stock Xtreme Motorsports of California, Inc. (PINKSHEETS: XTMS) ("Xtreme" or the "Company"), in response to shareholder concerns related to dilution, has secured the cancellation of approximately 394 million of the 839 million shares of common stock issued and outstanding. The majority of the cancellations were effectuated on March 9, 2007. Currently, the number of issued and outstanding shares of common stock of the company amounts to approximately 445 million, and is structured as follows:
-- Total: 445 million -- Free-trading, Certificated: 330 million -- Free-trading, Electronic (the "Float"): 115 million
The Company will be working over the next several weeks to secure cancellation of additional shares as part of its efforts to improve the quoted price per share of Xtreme's common stock.
We could see some MM covering here. A P.R. update should be out in the next week or two.
Pull a chart up on this and compare it to ETIM several weeks back. Once ETIM announced they were done selling 504 paper, the volume came in, and tripled in value.
Once the shares are depleted out of the mkt., let's see what happens here w/ XTMS.
Could be fun.
Have a safe and wonderful Holiday weekend.
Market is closed this Friday.
Best wishes to all, and always do your own due diligence.