Ouch, someone said there was big news expected. I wasn't expecting that or that they were pleased to announce it!
Nov 30 said 56 O/S & 49 mil float. Mar 21 it was 21 mil OS. Now 158 mil. LOL
I'd say my guess they still want to sell shares was wrong!!! Or they would never have released that news. Hope you planned for the worst, last night.
IMO there must be a shell game ahead. Merger or reverse merger, maybe a new company as the result and insiders just took some pump & dump PR profits early.
As for the 1.8 billion resticted, thats what is known as a poision pill. But who would want to buy them out? I don't know, maybe someone is and management wants a merger or reverse merger.
Matters not. They just created a 10 foot pole, any logical trader wouldn't touch them with, in the near future. The baggs seem full.
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Unregistered restricted
A strategy used by corporations to discourage hostile takeovers. With a poison pill, the target company attempts to make its stock less attractive to the acquirer. There are two types of poison pills:
1. A "flip-in" allows existing shareholders (except the acquirer) to buy more shares at a discount.
2. A "flip-over" allows stockholders to buy the acquirer's shares at a discounted price after the merger.
Poison Pill
1. By purchasing more shares cheaply (flip-in), investors get instant profits and, more importantly, they dilute the shares held by the acquirer. This makes the takeover attempt more difficult and more expensive.
2. An example of a flip-over is when shareholders gain the right to purchase the stock of the acquirer on a two-for-one basis in any subsequent merger.
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