ECNC info: by way of disclosure. For all of you who may take a look (yeah, all two of you) the reason the price is depressed from earlier this year is that the company had a bobble when it unwittingly obtained financing by way of a debenture funded by a Canadian firm....which promptly began shorting the crap out of the stock in anticipation of loading up on a BUNCH of cheap shares at the conversion date of 7/15.
yeah...I know...STUPID....but its a startup and they are learning as they go. That's why its a penny stock dummy!! :)
Anyway....and this is discussed in detail on the thread, the company did several things to counter act and correct its mistake. It offered free shares and $1 warrants on a 1 for 1 basis to all stock holders who held certs (not in street name at their broker but a real cert in your hands) as of June 30th...I think that was the date. This was to take some of the float out of circulation so the shorting Canucks could not borrow your street name shares from E*trade and sell them short to abuse YOUR stock! ET&T...kind of a parent company to ECNC that holds all the patents licensed to ECNC for its technology, announced it was going to buy up a boat load of ECNC's stock. Again...the goal was to dry up the shares available for the shorting Canucks to borrow and sell short. These things worked! The Canucks target was to get into the .20's and it never got lower than .32...I think. The company also announced that it intended to pay off the debenture early thereby forclosing the conversion to stock option...cutting off the shorting Canucks plan and stopping most of the shorting. The stock has rebounded nicely since, with some continued collateral damage which is lessening each day. Further, the company started aggressively courting brokers and large investors to take a look at the company...getting the word out on Wallstreet.
All these things have helped. Now this from the company on the shorting Canucks (term of endearment, don't you think! :]...):
..Jus' so's ya know.."
Re: dumping and manipulation.
Tom's (Tom Hughes, CEO of ECNC and driving force behind the company and its revolutionary ideas) legal eagles are on the case! And, the SEC may have another group of people to indict, decertify, or close down pretty soon.
Justice will be done. The canadians ignored ECNC's letter advising it would pay off the debenture early and have now backed themselves into a corner, from what I am told. It is my expectation that this will be pursued with EXTREME PREJUDICE...he he he he heh
FYI...if you care.
Keep your eyes pealed for more news to come on ECNC that should be of great interest. |
