So dang, looks like it went thru as I was writing this, really hit hard in that last hour.
.38 will now likely be some strong resistance.
We'll see how their 4:00 announcement helps get them over that, but how many times can you cry wolf?
Well remember. 0.38 was the prior low and provides support to an extent. But in pre-split terms, which is when that low was hit, they have diluted from 519 Million shares to ~5.8 Billion Shares. So if there is not some substantial offset some where, like extensive elimination of debt, I think it will go through that 0.38 without some very positive news or change. The new ship announcement, as seemingly the last one did, will provide a pop it seems, but it won't be sustained until these new ships prove themselves in Revenue and Profits. I don't fully understand everything here, but it would sure seem that another RS is eminent, unless they do some great things with the substantial dilution they have issued.
I also think big money firms will take advantages of announcements like the new ship, really running up the price, luring others in, and them make more money selling while also shorting on the way back down
They appear to be trading at least some of the debt for equity with their substantial dilution.
106 Mil shares issued since the 1:50 split, * 50 for conversion to pre-split number, means they have issued ~5.3 Billion in new shares, in pre split terms. That's huge considering Pre-split shares outstanding were 519 Million
Well pretty sure you're joking here
But if not, the numbers above would already have any prior splits built into them, and thus considered.
(A) 519 mil shares outstanding / 50 = ~10.60 mil shares at time of split
"Current" Shares Outstanding as of 6/13 = 116 Mil
For the ~106 Mil newly issued shares issued "post split".... 106 Mil * 50 = ~5.3 billion (B)
5.3 Bil + 519 Mil = ~5.8 Billion
The reverse split will consolidate every 50 common shares into one common share, par value of $5.00 per share. As a result of the reverse stock split, the number of common shares outstanding will be reduced from 519,543,700, to approximately 10,390,874 shares, subject to rounding up of all fractional shares to the nearest whole share. In respect to the underlying common shares associated with any derivative securities, such as warrants, options and convertible notes, the conversion and exercise prices and number of common shares issuable generally will be adjusted in accordance to the 1:50 ratio.
6/13 Form 6K:
Following the issuances of the above amounts, the Company will have approximately 116,952,076 shares outstanding, which outstanding amount includes recent share issuances related to settlement shares, previously issued convertible notes and partial conversions of outstanding preferred stock.
The Shares Outstanding "since" the split has increased by ~106 Million. Adjusted pre-split, that would equal 5.3 Billion new shares issued. So technically, shares outstanding in pre-split numbers have climbed to almost 6 Billion now.
The numbers are all out there, but that's a huge amount of dilution that seems they are attempting to kinda disguise.
Forced down manipulation by those who have the money to do it. They just need a little perceived bad news to get the ball rolling. They've already done enough after hours to create fear and worry for tomorrow
Ya, but that was after Iron's evidence presented. He didn't know that going into injunction the request. Otherwise they wouldn't have filed. If they knew that and still filed, well what does that mean???
Why did it go down previously then, while it was thought Ironbridge was a culprit for driving it down, but as it turns out, they were not, yet with NEWL still needing a 50:1 RS?
If a joke, why would you load up..... even at .20???
Wouldn't it be better to spend your time on something you don't consider to be a joke
Maybe you can throw out a couple of your quality stoicks, so everyone knows what to look for?
Needless to say, I'm out this afternoon with about 5 cents to spare. I bought at the right time, but not selling was a mistake on the pop after buying the prior day. The stock just didn't do what I though it was going to do so I'm not taking the chance. Maybe it will hold the .62, or .worst case 58, but I feel like its pointing down with the only real support at .38.
I disagree. Don't like how this chart is set up, and after failing to hold higher opens two days in a row. And I don't consider it holding .62 after a 10% drop, and really more from it's high. Think it might be looking to test .38 again. The 20 DMA is still in a downtrend and current price is well below it after the 80%+ drop off the high. disappointed in its failure these last two days. We'll see?