"saw the writing on the wall" ... or do you mean his life-long friend Dave Swartz told him exactly what to do?
$6! lol And here we are at under a penny. This is all on Andrew Maltin. That guy is the biggest egomaniac. Flying back and forth to NY bragging about all of these great meetings he was having. All while smarter people than him were actually figuring out how to get people to use their streaming apps. And now Andrew has his niche. Ghetto streaming. Congrats.
I should have seen the red flag right away. They always use the same line to describe Hang w/. "Hang w/ has solved the dilemma facing today's pop culture influencers". It's right there in bold on the top of the Crowdfunder page. And this couldn't be further from the truth. FACT: Pop culture influencers DO NOT use Hang w/. You didn't solve anything.
Oh how the 'mighty' have fallen. Twitter paid $86M for Periscope before the app was even open to the public. Hang w/ was first to market and had millions of users. And now we'd all be ecstatic with a $10M sale. Management blew a once-in-a-lifetime opportunity.
$5MM should keep them around for a while longer, right? Market cap as of close yesterday was under $300k.
And just like that....... they're not in the app business anymore.
BEVERLY HILLS, CA--(Marketwired - May 04, 2016) - Big Boots Inc., has acquired a mobile app library from MEDL Mobile, the company announced today. The deal, valued at $5MM, gives Big Boots more than 120 apps to add to the new studio's already robust slate of proprietary engagement platforms. The announcement was made by Big Boots' Roger Mincheff, President and Chief Content Officer and Anthony Kaan, GM and Head of Content Programming.
More pure speculation on my part........ Management almost certainly rejected offer(s) of 2x that amount over the last couple of years.
I'm surprised they're even bothering to put the effort in to add these types of 'minimal' features. None of these are going to bring in new users. Hang w/ is dead in my opinion. First to market but they lost. It's all about the verticals now. If Shop w/ and others don't show promise in the next 6 months then it's game over.
At least maybe the share price bleeding is over. Green again today...... so far. Can we see 1 cent again this week? Sigh.
Andy and Dave have to understand they can't compete with Twitter's Periscope and Facebook's live streaming functionality. They were first to market and they blew it. I'm certain all of their resources (contractors) are focused on the verticals now as that is their only chance of saving the company. In Kevin Harrington we trust.
Closes today at $1,467,500. Unless management extends it for the umpteenth time. My hope is they finally let it close and Andrew's shareholder letter comes out Friday or Monday.
Of course we will. This extreme dip is a result of people converting their debt. Good for them. It'll dry up eventually and then back to "normal". Normal = not a 1 cent stock.