Other big layoff today. Insiders confirm that bankruptcy papers are being prepared and will be filed soon. This is also confirmed by the earning announcement being moved forward each week. The company would have to let shareholders know of the bankruptcy during the earnings call. This is why they keep changing the date. They cannot announce it if they are not ready to file.
Bell, it's unfortunate that you got laid off if what you say is true but ECTY's layoffs were unfortunately a needed step to help preserve cash so they can buy time to figure out financing, get an investor, or receive a buyout offer(s), etc. so there's a chance at survival. Just curious, what made you want to work at ECTY in the first place and how long did you work there?
You may be an ex-employee as claimed in a prior post, but you raise doubts by stating there will be a "big" layoff as there are not enough employees left to justify the word "big". You certainly don't know what you are talking about when you say the company can't make a public statement of bankruptcy without releasing an ER simultaneously. However, the repetitive forward moving of the ER date appears to be deliberate and may serve one of two purposes; negotiations with the DOE or a buy-out prospect that has not solidified on the date anticipated, with the prospect of a later date, or just a stalling technique to stave off what appears to be the inevitable.
darn aj .you are goodGreat post.One new poster, a week or so ago saying merger/buyout with ccgi and now another new poster born yesterday saying bk.Well at least this mb is fair and balanced.i will repeat myself on the earnings date thing.Yeah the bk poster saying wont do it cause of earnings call is baloney but to me why even bother with releasing the q2 numbers. They got so many more impt things to do and worry about now.Imo the raising of the 8.2 mil in june was a blessing in disguise. It bt us some time after the doe lowered the boom.
The DOE would not negotiation with a company that has little money to continue. This is a matching program from the Government. This company owes money to the installers around the Country as well as to Roush, the manufacture of the EV products. They have money for payroll to a handful of employees until they get the stats. needed to file.
No company will buy-out this company. Remember the EV units this company produces are expensive and not quality build relative to the competition's product in this space.
You are correct, the company is stalling and will file the inevitable action.
Most publicly traded company who's stock is under 25 cent will go Bankrupt soon after they reach that trading level. That is a historical statistical fact.
The company at its peak had 175 employees. In July, the company has about 130 employees. The first big layoff after the big drop, was more than half. They had a final big layoff this week. They are down to 20 some employees now
Your post doesn't even make sense to me. First you say they will file soon and then you end saying they are not ready to file. How can there be "other big layoff "? They already laid off most of their employees according to articles. Insiders can't confirm insider info until it's available info to the public. Perhaps I'm wrong but based on my understanding, a bankruptcy announcement does not have to be during an earnings call.