Post by
Spectra7 on Oct 22, 2020 3:37pm
Volume drying up, is Spectra7 just taking a breath
or is history just replaying itself...again??? Rince/Repeat...hmm. Tick,tick,tick. Cheers S7
Comment by
jimmer10 on Oct 22, 2020 3:46pm
Convertible debentures disappeared from June 30 to when Spectra7 updated their Investor FAQ last week. Unless S7 got $9M to payout the debt, i suspect it was converted and dumped...hence the huge volume last week.
Comment by
Spectra7 on Oct 22, 2020 4:01pm
Yes Jimmer10, I believe you alluded to this possibility. Rinse/repeat...reality. Hopefully people took advantage of the opportunity...it may not present itself again with out unimaginable dilution. Tick,tick,tick. Cheers S7
Comment by
ypl6r1 on Oct 22, 2020 7:57pm
Pardon my ignorance, but it was about 90M shares traded last week. Even at $0.06 it only comes to 5M (CAD) in dollar value. Where is the remaining $4M comes from? What do I miss?
Comment by
ACCMAN on Oct 22, 2020 8:30pm
Jimmer, when were these Convertibles issued and what was the conversion price? Do you have a link for us? tia
Comment by
jimmer10 on Oct 23, 2020 1:40am
Jan 2018. Conversion price $0.35 https://www.spectra7.com/spectra7-announces-closing-of-15-3-million-bought-deal-financing
Comment by
ypl6r1 on Oct 23, 2020 6:01am
If my math is correct it would be only 2M (and change) warrants. Not a lot (to dump), considering the recent volume. But at least, as you said, it is closed now.
Comment by
jimmer10 on Oct 23, 2020 8:52am
Maybe my math is wrong, but i don't think it's the warrants that drove the volume last week. I think it was the conversion of the debt to common shares. If those warrants were exercised, that would've filled the bank account for S7. $9M debt converted to shares at $0.35, is ~25M common shares ready to be unloaded. The debt holder can get out of their investment.
Comment by
Spectra7 on Oct 23, 2020 10:51am
Thanks Jimmer10. OUCH!!..dilution and at a huge loss from the strike. Not a good sign. Tick,tick,tick. Cheers S7