anyone notice SPEX's sneaky little filing last Wednesday? They proudly announced that they have successfully met the nasdaq's minimum share price requirement (by reverse split). But did you see this little gem in the filing?
"Spherix expects to present NASDAQ, by November 9, 2012, with a plan to achieve compliance with the minimum publicly held shares requirement."
Well how do you suppose they will address the minimum number of shares requirement? To refresh your memory,nasdaq requires a minimum of 500,000 shares outstanding but thanks to a couple of reverse splits over the last year or so, SPEX now only has around half of that. So how do you increase the number of shares outstanding?
(cue the Rodman and Renshaw battle theme)
A dilutive secondary stock offering!!!
By Nov 9, look for SPEX to double ( or more) the current number of shares thru a stock offering which will also cut the current shares price in half (or more)
I don't know how much longer they can keep this R&R ponzi scheme going but it can't be a whole lot longer......congrats to Spuds and BBB.....I couldn't be happier for you two.....