CSMA has been difficult to value for the contest. Unlike other stocks that have reversed, CSMA has spun off most of its assets in the form of restricted shares, for which no quote exists. Consequently, I would like people to give me their Bid/Asks for Ad Hatters and EnviroTec, as if you were market makers(MM).
Based on the spin off distribution of 1 sh AdHatters for every 7 old CSMA and 1 sh Envirotec for every 6 old CSMA, it appears that AdHatters is market cap valued at 7/6 times Envirotec and the difference in share exchange ratios is designed to keep the AH and Etec shares at similar prices?
That means that 42 shares of old CSMA now translates into 42 shares of new CSMA, 6 shares of ADHT and 7 shares of ETEC. (1 old CSMA is now 1 new CSMA, 1/7 share ADHT, and 1/6 share ETEC)
The 42 shares of old CSMA, which closed out at .15 x .165, equates to $6.30 bid value by $6.93 ask price for all 42 shares. Keeping this same 10% spread throughout, the current 42 shares of new CSMA, bidding .025 should be asking .0275 (instead of the ridiculous .05 that it is asking), equates to $1.05 bid value by $1.155 ask price. That means, as a first cut estimate, the 13 shares of spinoff stock are worth ($6.30-$1.05=$5.25) on the bid value by ($6.93-$1.155=$5.775) ask price.
On a per share basis, the assumed bid/ask for ADHT and ETEC would be
.4038 BID by .4442 ASK
The above bid price is what is used to be able to continue to assume that CSMA has an effective bid value of 15 cents per share for contest purposes.
Please EMAIL or PM me your own bid/ask for both ETEC and ADHT and I will track the "MM" lineup. Remember, the bid here is what you, if you were an MM, would be willing to buy the stock for and the ask is what you, if you were an MM, would sell the stock for...assuming of course that the spun off stocks were tradeable.
TG
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