Lot's of posters talking about an imminent Secondary. You all know you can not burn cash forever and not show a profit. No cash you either go under or you do a secondary. MeetMe has very little cash left and more debt than cash. They have a 3 million loss coming related to the closing of the Gaming Division. The same 40 employee Game Studio that Cook was touting as a jewel and highlight of this merger. It was the 40 person game division that was going to help Cook turn Meetme into a Billion Dollar Company.
Funny thing is that the share price is now worth over 80% less than the $9.99 a share the company traded at the day the merger was announced and trades at a market cap of only $70 Million Now.
It is now 1 year to the day since announcement of the myYearbook Purchase.
Congratulations you POS. You have lost investors over 80% in the past year. If you don't step down and resign today, you can remain at the helm while they lose the remaining 19% as this company gets run to zero.
This won't be good for the stock price!!
The Company expects to incur a pre-tax special charge of approximately $3 million associated with the planned closing of Quepasa Games which is expected to be primarily completed and recognized in the second quarter of fiscal 2012. The pre-tax charge consists primarily of non-cash asset impairments, severance and employee-related costs, satisfaction of liabilities. Approximately $500,000 of the pre-tax charge is anticipated to result in cash expenditures, most of which is expected to be paid in the second half of fiscal 2012.
Oh don't you worry. They are all waiting for me to get back from London after the Olympics when I will be shorting the living daylights out of this again. This will be under $1 after earnings. Watch and learn.
Never Forget MySpace Sold for 35 Million Lycos for 36 Million
Stock has bounced 28% in two days off off 1.55. You can sell it now or sell it later probably for less.