There are about 23 million(rough estimate didn't want to add them all up)shares of convertible debt due to expire this year. Starting as early as May 18th. I believe that has been our pressure all along. Form 5's have been filed with the SEC on February 6th. This has probably been the pressure since it has been dropping from the mid-20's so how many shares have been sold so far? Who knows. But it still could take awhile with that many shares.
A million shares or so traded into 10:30AM and from there the stock went retail. Someone was a buyer the whole way as well looking at the charts. One weird thing is 198,250 shares traded at 4:00 at .14 I believe. I did not look very hard to figure it out. Maybe it was just balancing of the stock today or it might fortell of interest in the stock tomorrow. It was the largest trading volume in 5 minutes for the day.
Yes, there is that. There is also a need for $1.5 million dollars for the company to keep opperating. Plus $15 million to complete work already started. They have royalties I believe to maintain and liscense rights to financially maintain. There is a lot.
Company ownership has not changed and it would not be the first time that Yahoo statistics was wrong. There has been plenty of stock traded and if you place an open order to sell shares in a thinly traded stock it can have serious consequences if there are not buyers down below. Someone could have taken out trailing stop losses that did not have a minimum sell price and without sigificant buyers a stock like this can tank. I got an alert from Fidelity in my E-Mail just for buyig opportunities like this but I could not respond fast enough. I ended up chasing the thing for most of the afternoon.
No one here is going to know what happened unless an insider actually "DUMPED" shares and I think the chances of that are pretty thin. Now someone who had a covnertable might have gotten out but I doubt it. Not for the stock action today. Even they would be hapy to ease out with the daily volume being somewhat decent.
I think someone screwed up with an open ask, triggered some trailing stop losses without a limit, freeked out some week hands who sold, and the quick trader/bottom feeder got some cheap stock. It is too bad the buyers ran thin today. Could have held the stock up a little better. Who could have thought there was a $.12 sale that was happening on the stock today?
Changing my sentiment from Hold to Buy, just like I did today.