RE:RE:anyone heard of "warrant stripping"???? I 100% think this is what's happening with UEX, the private placement shares went unrestricted early in the year and since then we have been in this range. Our earlier run to $.60, was when they were restricted.
these sellers seem very patient to hold below $.40 and lock in just above. If you compare to GXU that has traded in lockstep price and volume for a long time, you'll see in the past month or so as volume has returned to the U market, UEX has been doing often 2 or 3x daily volume of others.
I haven't done the analysis to see how much above average volume we have done compared to a potential 70 million share overhang, but once that clears we should catch-up.
we have had a ton of volume building a base in the low 40s, based on Twitter I have a hard time believing they are mostly retail buyers. Maybe bigger players that can see the fundamental value, also maybe see the drilling results as not a home run but indicative of future potential at Christie.
I do worry about future dilution for summer drilling. I imagine UEX still has some cash left over, they didn't drill the full winter program.
I do think some sort of spinout needs to happen sooner rather then later for grassroots or cobalt. I appreciate the team is looking to maximize value, but I feel even an ok priced spinout will get retail goodwill. More importantly, if we can get the stock in the 50s again, it might trigger some early excercise of warrants to participate in the spinout boosting cash