DO THE MATH!!! The "industrial metal company" only paid 68 cents!!!
I reported NEWL to FINRA. Their recent press release was very misleading. A transaction with such materiality needs to have transparency not just in terms of who they are dealing with, but also on how it will affect the stock price, or at least they should have been honest on how much the shares they really sold or exchanged to the "investor".
Clearly this is an accounting scam. That metal ain't worth $260 mm or whatever they said.
The truth will all come out when the company actually obliges the market by reporting some revenue and earnings, if it can even turn a profit. At that time, people will see that with 700 million shares it is worth less than a nickel a share.
In the meantime, the sad part is that even with share count expanding 10x, it is so darn hard to borrow shares to short.
That's because someone was accumulating shares cheap. When the prices where in the .40's the acc/dis line was always up. So..however bought those shares(including myself) aren't selling for now. Got my investment back with a little extra(again) and have a high sell order on the rest. And of course my stop. Come and get them. The friction factor is extremely bullish good luck if you can get shortable shares. Got to $5 really fast last time.