Yes I know, I know splits affect no stock in any measurable way, however there are a lot of retail investors, the little guy, who may have $400-500 to spend and they're not going to take a position in MMM at $174+ a share. They'll just buy 10-15 shares of Coca-Cola instead.
Surely at this point management has to at least consider a 2-for-1 stock split. Surely it's on the table for discussion.
The primary problem lies at the feet of one person - the CEO. He has now been CEO for 11+ years. 11 years later DXI is not profitable. 11 years later the stock has lost roughly 99% of its value. By any common sense examination, that is nothing short of disaster. An unmitigated disaster. It is a good thing that he is the company's largest shareholder and debt holder. It's also a bad thing because nothing is in place structurally to hold him accountable. No one on the board, not a single director, will purchase this undervalued stock in the open market when it's not discounted. Ever. Because the company is still not yet profitable, Mr. Hodgkinson, a deca-millionaire, should receive a salary of $1. Mr. Matheson, CFO, also should receive no salary and like the other directors, he too refuses to purchase stock in the open market when it's not discounted. Secondly, the company could easily outsource Matheson's job for much less.
Hodgkinson should have simply called Royal Bank of Canada and taken out a loan two weeks ago to get what he needed versus dumping large blocks of stock. But he's never really done much to protect the stock. He announced a reverse last fall, then weeks later put out an oh-by-the-way release stating 13 million additional shares (warrants) was now a part of the equation. These are very hard moves to explain to long-suffering shareholders. Dilution has become a way of life under Hodgkinson.
Transparency remains very poor. The company announces a JV at Woodrush, then says nothing when it folds. It executes divestitures such as the sale of N/S Rangely and it's only later in filings when it is released. Presentations remain very poor with cryptic verbiage. Shareholders spent almost two years begging the CEO to simply hold a conf call so he could face our questions. That should never happen. He also rarely bothers to provide remarks in actual earnings releases. It's simply not a priority for him.