WPCS now has legacy business AND Bitcoin for $40 MM market cap. The drop was totally expected as the convertible debt was converted to common shares. Now that the shares have been converted the price will go back up to reflect WPCS value as only pure play bitcoin company.
EXFACTLY the same thing happened to DSS:AMEX after their reverse takeover
Short term drop from $3 to $1
Now at $2 headed to $5
Anyone who thinks WPCS would get a Bitcoin company for FREE is incredibly stupid and shouldn't be in the market.
WPCS issued about 20 Million new shares and now has 23 Million shares assuming all debt is converted. In return for these new shares, WPCS received $3 million in cash and the ONLY PUBLIC BITCOIN COMPANY.
ITS THAT SIMPLE! Its not a SCAM, its how reverse acquisitions are
The maximum number of shares was clearly stated by the CEO in the call. The basher cockroaches say you would have to be nuts to believe that? Nah, you would have to nuts to believe a lieing basher cockroach over the CEO.
-Only publicly traded Bitcoin company. A Bitcoin IPO would be priced at $50.
-WPCS still has an EBITDA positive legacy business worth $1 per share on its own.
-One of the smartest small cap investment managers, Barry Honig, has a 9.9% stake.
-In CC, CEO stated there were a maximum 23 million shares OS assuming conversion of notes and warrants at $5.
-The January effect tends to be particularly strong for small float high profile undervalued stocks.
-Insider bought more on Friday.
-LOTS of news and exposure coming. WPCS IS THE ONLY PUBLICLY TRADED BITCOIN COMPANY.
-The convertible arbitrage has run its course. All the convertible holders used arbitrage to
make a risk free profit by shorting above $2. The effect of the notes has been fully reflected in the float (the effective float is now 20 million). The conversion of any remaining shares must be used to cover the arbitrage short position and will have no effect on the float or price.
The convertible arbitrage has run its course. This is know as shorting the box.
All the convertible holders used arbitrage to make a risk free profit by shorting above $2, because they knew they could cover with converted shares. The effect of the notes has been fully reflected in the float (the effective float is now 20 million). The conversion of any remaining notes must be used to cover the arbitrage short position and will have no effect on the float or price
You are a basher your making an issue out of a non issue.
ALL the $3 MILLION convertible debt was issued as part of the Bitcoin deal.
The shares converted on the 20th were part of the deal.
The CEO clearly said the maximum shares OS will be 23 Million,.
-In two hottest sectors, security and patents
-Turning profitable 2014 guidance should be huge
-In this market many low float stocks with lesser fundamentals have doubled in days (xgti, zbb)
Enjoy the ride.
Its real simple:
1) 20 million fully diluted shares OS after deal.
2) Current $30 MM valuation is INSANELY CHEAP compared to others in sector.
3) The price drop today was just holders of te convertible notes shorting to lock in profit. They can cover with the converted shares. When this is finished WPCS WILL SKYROCKET.
CEO said MAXIMUM 23 million shares fully diluted in Conference.
That was the case Wednesday when WPCS was $1.60 and Friday when it was $3.40.
NOTHING HAS CHAGED. NOT ONE THING.
The Basher cockroaches are losing there shirts and have no choice but to try and create an issue when there IS NO ISSUE.
I WILL REPEAT, MAXIMUM 23 MILLION SHARES FULLY DILUTED,
A TINY FLOAT FOR THE ONLY PUBLIC BITCOIN COMPANY.