Post by
jermiah777 on Aug 10, 2021 2:35pm
42000 being offered at 80 cents
Incredible,,,,42 thousand shares are being offered at 80 cents....and no one wants them. No one.
Only about 6 months ago, 15 MILLION shares were offered at 1.65 and institutional money managers and other investors wanted MORE than just 15 MILLION. So it was increased to 17.5 million shares at 1.65. Which was almost 29 million dollars worth. With no warrants to sweaten the deal.
And now 6 months later...we can't get anyone to buy a 42 thousand shares at less than half price!!
Why? When you look at all the news since then, their has not been anything negative. Perhaps
the speed of progress has not been quite as quick as some liked. But I am curious what management would say to this question.
When it became obvious that you could sell more than 15 million shares at 1.65, why not just tell the investors and institutional money managers this: " look , likely the price might dip below 1.65. So wait it out until the price drops to say 1.35 and then buy the other 2.5 million shares that you want. You will save a bunch of money, and our loyal shareholders will appreciate having a support in place so the price doesn't tank."
Wouldn't it be nice? Do thoughts like this even cross the mind of management?
The further it drops, the more ones want to sell...for they fear losing everything. But the more it drops, the less likely buyers want in..but will wait on the sidelines until the bloodbath is over...and any injured bodies have stopped moving...and ambulance has taken all the body parts away. So it becomes a vicious circle. Shareholders can't stand seeing red every day, and buyers fear buying shares that are worth less the very next day. Its a lose lose lose lose situation. Incredible. Would love to talk to these institutional money managers...to see what they are thinking now. Did they fail to do their homework? Maybe they are upset at management..? Maybe they feel they were deceived into parting with 28 million only to see it's value evaporate by 50 % so quickly. It seems it becomes a phychological war.
It's like being at a car auction and you see a vehicle that you know for sure it is worth what the auctioneer has first started asking for it. But since no one else has bidded on it...you say nothing...so the auctioneer has to put the price down to see if any bids. Again...you know it is worth this...but you don't put up your hand....for hopes you can get it even cheaper... and sure enough...it keeps going down. and Down...and Down. You are so happy...your going to get this car for dirt cheap. But then the next time he puts the price down....5 other people put their hands up. Now you also put your hand up. But now we have 6 people bidding on it. And the price goes all the way back up to above what the auctioneer originally opened with.
I'm wondering if this auctioneer illustration does contain some truth to what is going on here.
The volumes are low enough that likely no one could buy a 2.5 million shares right now without driving price to over 1.65. So only way to get more cheap...is to keep putting price down....selling just enough into the bid to make it go down...and grab the majority but not all of the new shares that get dumped out of fear.. And then sell some more into the bid...
hmmm