And he could have done the same damage with half the shares.
1.2 is not that bad and was probably absorbed within an hour yesterday if sold. Just a bone head thing to do. We will never know the reason. Maybe he lost a bet,LOL!
So the company needed $2.75MM in exchange for 1.2MM shares issued at 2.25......Bag holder today. I like. They are down and dirty like me.
If they dumped all 1.2 at the top. thats only 1.2MM X a buck at best. @2.7MM for $1.2MM, smooth move! Good company. and then the company gave them the opportunity to purchase some 900+ K shares after 6 mos with a strike price of $3.25.
I bet these guys would love to see a $25 stock in 6 mos!
Its really good news, but still have to wonder why now. ODD! I think this is the kind of pr you drop the day befoer Christmas when it really doesn't matter, but the lender wants that '6mos and a day' to be gone ASAP, so get the clock started.
The guy is doing the right thing.
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