I find this interesting with respect to MIG:
"The number of outstanding ordinary shares is based on the ordinary shares outstanding as of March 31, 2013, and excludes:
5,670,311 ordinary shares issuable to the former shareholders of Mobile Interactive Group Limited (“MIG”) as acquisition related consideration pursuant to the Company’s acquisition of MIG."
I read the above as the second part of the payment for the MIG acquistion. . "Issuable" means shares that will be issued at a future date.... Anyone else read differently? At least the number of shares isn't as bad as I thought.
Means the buyers of the recent funding round could now trade their shares if they decide to sell. Generally those that wanted to lock their $0.50/share gains would have already done it last week given they knew this was going to happen (10 day filing condition). I doubt any of those large institutions got in for barely a little pocket change gain. Good thing is we have quality investors believing in the future of the company.
Today's filing is nothing really to get excited or worried about as it is no new news except to learn who investors are.
What the filing means is that the shares that we issued in the private placement can now be bought and sold like normal shares. Prior to this, the shares that were issued to the financial institutions were not registered, therefore they could not be bought and sold. Now they can. As the company notes in the prospectus, it has no knowledge on when the institutions who bought shares at $1.50 are going to sell.
The filing is not really a big deal, it is just a legal step that makes the shares issued "normal"
Thanks, That’s what I understood from reading the filling.
I just was not sure of the impact of this on the stock.
I guess if I am the institution that bought the 16,529,412 share for 1.50 will not sell now just to make a 9 M profit (stock close at 2.05) , I would hold to make more money on a company that for sure will have a stock price much higher.
Sentiment: Strong Buy