If they own less than 5%, as they would have with this issuance, there are no restirctions to them selling. Which it appears that they did the second they could clear their stock, THEY SOLD IT!!!
IMO, this is very bad...they just showed us they appear not to be friendly and will sell their stock at any price to recover what is owed and deduct that from the balance and possibly demand more stock right away....sounds like Toxic financing to me.....with no limit to how much they can sell (just under 5% as fast as they can get management to reload them) and they never have to file because they are unrestricted at this level.......makes it look very glim for us shareholders that have stock at much higher prices.... this financing has to be re-negotiated or we have a multi-million dollar overhang which could be millions of shares every month until management tells us something different....
If management feels they can issue these shares without telling us or filing an 8K, how will we know if and when the unrelenting selling will stop? How can the price ever move up if this is not fixed?
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