This IS positive! :) this company will be able to manage their debt better after tonight. The price might drop tomorrow and thats ok. Its only speculation. If it goes lower tomorrow, buy more. If you dont want to buy more then just hold your shares. The new CEO was handed a very large company with lots of problems to fix and thats exactly what hes doing. Fixing problems even if it means to sell more shares for equity. This is what we want to see as investors; a leader that will do anything to keep the business alive. Hold your shares and wait for August; their earnings report will shoot it up and with this debt management we are safe and sound :) To suggest that this is positive news is just plain stupid - there's no other way to put it.
Then again, this comes from someone who explained (seriously) to a new poster that the term 'bullish' comes from the word 'bull' - and that the term 'bearish' comes from the word 'bear'. You can't make that up.
And as far as the 'new CEO' - does anyone beside BigDaddy NOT know that Coft was CEO of Zena previously??
Not only that, but it's a fact that his selling his shares last october played a role in Zena's huge drop in share price. (see article below). Now you suggest that the guy who helped create the Zena financial mess is the 'leader' and 'debt manager' who will get Zena out of it?
From 'The Four Biggest Fibs in Cannabis in 2019' It’s Worth More
It’s hard to convince investors to buy company stock when the company devalues the price of said stock. Zenabis Global Inc. (TSX:ZENA) (OTC: ZBISF) destroyed the value of its stock after announcing it was going to raise $20.8 million through a rights offering to holders of its common shares of record at the close of business on October 31, 2019. The stock was lately trading at 16 cents, down from its year high of $3.03. At one point in this debacle, the stock traded at one cent.
The company said that part of the strategy was to fend off a hostile takeover, but there didn’t seem to be anyone bidding on the company. Director of Corporate Communications Jonathan Anthony said that the decline in Zenabis stock is “outside our control,” yet the company absolutely trashed the value by pricing the rights at a 70% discount.
The Twitter universe though had another opinion regarding the stock. There are accusations of Zenabis insiders shorting the stock while covering themselves with the rights offering.
Stock jocks were specifically pointing to the Twitter account of @rubiconcapital for talking up Zenabis ahead of the offering that prices the rights at 15 cents. Then, the former CEO and current Chief Facilities Officer, Kevin Coft sold 2.6 million shares right before the rights offering. The company reported its earnings on November 14 but opted to not host a conference call to discuss the earnings with investors.