Fourth heaviest trading day in six months.
Lots of shares sold. The price for the first time in well over a year dipped into single digits. Will probably close slightly down to even.
On the one hand, not a great day, however, when you realize that Bernie's group may have dumped more than 1,000,000 shares into the float it's held relatively well.
How many more shares will they have to sell to regain their original investment? If they converted at say $0.15 with a 30% discount, then that would mean $3,000,000 divided by 10 cents give or take.
30,000,000 shares on the outside and maybe as little as 20,000,000 shares on the inside.
They probably have sold more than 5,000,000 shares already for an average price of about 12/13 cents. That equals $600,000. They only have to sell enough to raise another $2,400,000 to get their principal back.
Divide that by the current share price of $0.10/11 and you start to see the enormity of the dilution factor involved.
How much do you loyal longs want to pay for their shares. And is RG selling any of his granted $0.00 cost basis shares into this as well? Nice profit for him if he is.
And this is just the first take down. Just imagine the effect when the next conversion takes place. And I believe that that can happen anytime after the the company has filed for the registration and the PP investors notify the company of its desire to convert. If the last go round is any example it could probably happen in the next few weeks or so.
Be careful lurkers.
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