Sold out for a loss. These idiots are only going to report financials once a year, despite having a well paid CFO chillin' out in a large corner office. I get a bad feeling that these guys are planning on screwing us small shareholders by enriching themselves somehow (hence the switch to pinksheet secrecy).
So that clears up the balance sheet concerns. Only a 5% discount to market prices is a great deal for BOSC! Nothing to stop BOSC's upward momentum now.
Trading below cash on the balance sheet, and with no debt. Existing business plus the new innovative cloud based SimpleScan is worth less than zero, apparently. Add to it that DCMT was profitable last Q and has a book value of 22 cents. This is all because of de-listing "in order to create shareholder value." Yeah right. Nice move BOD! grgr
I would think the most effective way to grill them and get answers is by calling. I see the main number for their CA office is 408-436-9888 and you could get transfer to Michael or Carolyn.
Johnny, anything I learned, I shared with you. It was an email response to my general questions about going dark. Trust me, as a retail shareholder who is not privy to BOD discussions, I'm just as frustrated as you that we wont be seeing quarterly numbers. I will reply to Carolyn, urging a reversal on this new inaction, as it is not in shareholder's interests to be so secretive regarding company results and intentions. I urge you to do the same, especially being a long term shareholder and supporter, to turn their back on you at this point is disgraceful for a public company of which you own and have helped with your hard earned money.
Gifford did not leave voluntarily. He was forced out so SCKT doesnt have to pay his big salary. Too bad it will take 6 months until the cost savings are being realized. Now for more unproductive employees to get axed....
I heard back from the CFO regarding a few questions I poised to her. The main point was:
"The Company’s Board of Directors deemed the significant cost savings that will result from non-reporting status to be in the best interest of the shareholders."
That said, she told me they will not file quarterly earnings. However, DCMT will continue to pr company news, continue to trade on the pink sheets, and will send shareholders an annual report, including a balance sheet, income statement, and statement of cashflows prepared in conformity with GAAP.
So some good, some bad. I think the company is essentially trying to put itself up for sale and trying to show potential suitors as much profit as it can. Place your bets. Cloud-related stocks are flying...too bad DCMT couldnt show us they have turned a profit and mention *cloud* a few times in a pr...the stock would be over $1 in a heartbeat! As DCMT sits now, its essentially trading under cash on the balance sheet! So much for creating shareholder value. I'm going to sit tight for a while and see what happens here.
The entire management of Socket needs to be overhauled, if you ask me. I agree that this appears to be a steal at these levels. However, the fact insiders aren't buying shares at these levels is evidence that they dont have confidence in themselves. Meanwhile, Squared is slated to be one of the hottest ipo's of 2014. This should be an exciting time for SCKT, but instead, the stock is hitting new lows.