No argument from me. Great thread and you guys do a great job. Let me change the negative context of "deteriorating" to a positive context of:
VMC could be an even better thread if more emphasis was placed on what's UNDERNEATH those chop suey numbers and with specificity to the "penalty free zone" china r/m sector.
Back to CSY filings:
The S-1 is in the form of a pp for: 2,860,835 shares @ $10.20 = $28,449,452 purchased by a sizeable group of investors.
The chart shows minimal volume to support a pp like this.
We are also registering for resale by certain Selling Securityholders, 1,089,168 shares of common stock issuable upon exercise of warrants (but are not registering the warrants themselves) to held by them. We will receive proceeds only from the exercise of the warrants but will not receive proceeds from the sale of these securities by the selling securityholders. The warrants are exercisable at various prices. A summary of these warrants are as follows:
· 750,000 shares issuable upon exercise of Class A Warrants exercisable at $12.50 per share, issued to investors in connection with our private offering in January 2008, exercisable between July 31, 2008 and July 31, 2011,
· 239,168 shares issuable upon exercise of callable warrants exercisable at $3.50 per share (originally, 500,000 callable warrants, many of which have been exercised the shares of which are being registered hereby), expiring October 10, 2008 and held by certain investors in our private offering of securities in October of 2006,
· 50,000 shares of common stock issuable upon exercise of warrants exercisable at $3.00 per share, issued to Mr. Jack M. Gertino, a former executive of the Company, and expiring December 23, 2008, and
· 50,000 shares of common stock issuable upon exercise of warrants exercisable at $3.50 per share, issued to American Eastern Securities, Inc. (and its assigns) and expiring on October 10, 2008.
The above does not include 1,000,000 shares underlying warrants exercisable at $2.00 per share, issued to certain previous investment bankers of the Company in 2006, which are not being registered but which, if sold, could have a dilutive effect on the Company’s market price. The Company is required to register for re-sale all shares otherwise issuable upon exercise of certain of the above listed warrants. If a registration statement is not declared effective many of the foregoing warrants will become exercisable through a cashless exercise method.
I wouldn't touch CSY, but it's chart should certainly prove interesting going forward and much better viewed when fully knowledgeable of the distribution abuse going on UNDERNEATH those chop suey numbers?
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