I wonder if the days close was "positioning" or investing? In the first 6 & 1/4 hours today, 499,000 traded, last 15 minutes, 1,140,000 (including the 700k block at the low) If the extra shares are illegally issued shares, it is possible that what is happening to me with NAMX will occur. One of the board members issued 60 m "so called unauthorized shares" that brought the total issued to 160,000,000 with an authorized of 200 m, price .22, if those numbers sound familiar just look at this one. I am long on both. NAMX fired the board member and has re-organized the board, including an ex-senator. They are also splitting 100-1 reverse, and reducing the authorized shares at the same rate (something many companies don't do,) the illegal shares they hope, through this action will come to light and thus be cancelled, proof of ownership / purchase date/ price etc will be required to switch the shares. Brokerages do this automatically. If Spencer is issuing shares for his own profit and not the bottom line this action could be considered. My gut feeling after speaking with the PR director though is that this small, but growing company did not have all the pieces in place to get the correct numbers out by the announced time, he actually seemed apologetic for the situation, and frustrated by the delay. I think the majority of the outstanding is still held by employees, and they surely don't want the price to drop. Hopefully the latest addition to the staff (CFO) can speed the process up. I doubt if Spencer and the office help were experienced enough in accounting/stock matters to handle the rapid growth by going national. The stock should (IMHO) rebound as time goes on, it is not a company where you will normally double your money in a short period, (week i.e.)I agree with Daniel, who at this moment is at camp somewhere, not worrying about what the stock price will be worth tomorrow, next week, next month but is focused on the "years" ahead. As the company grows, and profitable acquisitions are made, it will grow, but this will cost "investment" it takes money to make money. The additional shares if used for "building the business" will in the long run not hurt, but if they are lining the pockets of a few at the expense of good business practices, where is the sec #.
PS. Apologies to those of you who think I ramble on to much. |
