Its around 100 million, and they are authorized to issue 150 million I think. Thats the bad news.
The Good news is Jack Arnold seems to be pretty tight fisted with those shares though... if he hadnt been forced into this Reg S issue, I still think the float would have been under 50 million.
I have read someplace he is setting aside the remaining 50 million shares for future mergers (but I cant verify that as a fact).
At the moment at least the next month to 3 months, I dont think there will be any reverse splits or anything... but thats just my opinion.
I do think there will be a reverse split eventually though, because I think he stated he/WOTD will need shares freed up for future mergers. I like reverse splits about as much as I like a Reg S, but I think if he keeps on course the way he has been going... it might not be all bad because those shares will be used for expansion... at least there will be something to show for that Reverse split. Thats better than some of these BBs that have to do a reverse split in order to pay the light bill <lol>
I know all this sounds bad, but you should know that as late as Sept CVIA was written off as dead... the BOD and mangament just walked off !!! Mr Arnold took over and didnt have a whole lot to work with, but since then he retired all but minimal debt, by Oct Nov had the shell cleaned up and went looking for potential merger candidates, and the PICKED the merger candidate WOTD that he thought would have the best future. He didnt even have a staff until something like Feb, so he has accomplished all this alone.
If it matters I have been told from Aug to like Jan or Feb he was paid no salary via CVIA, and probably even put some of his own personal money into keeping CVIA breathing... BUT HE DIDNT SALE ANY COMPANY SHARES... If he had some other option I really dont think he would have done this 50 million REG S... but was forced to do it just to keep this merger and future expansion on track.
I guess starting 6 or 8 months ago with nothing to work with except someone elses mess... he has done a super job of bringing CVIA back to viability... cant say I would have wanted to have been in his shoes, he stated he bought his CVIA shares at .40
I imagine he would like to get CVIA back to at least his break even point after all the work he has done for virtually no pay <lol>
KAA |
