ceo and mgmt. screwed up. be careful with this one since the mid-d lock up is coming and the lock-up after that is not too far out. ceo and the rest will try to unload again. it might have a turkey rally but that's pretty much it, imo. all the ceo had to do was wait for a few weeks after blockbuster earnings and guidance. he probably would have made 20-40m more and other shareholders who bought after ipo and into recent earnings would have made some good dough as well. the guy just killed all the shareholders. stupid is as stupid does.
imo, this stock is pretty much done atleast for the next few months and I am long some shares. I wouldn't trust this ceo one bit to make good decisions for the benefit of shareholders. he totally screwed up with the spo and the timing of the announcement and the protracted wait. it might get a bounce into the turkey rally but that should pretty much be it. gpro is also killing this stock even though there is no connection whatsoever between the two. gpro decline hurt fit badly even after the market recovered like 2000 points before fit earnings. gpro had its day, woodman made a killing, totally disappeared, but WS is tethering these two together. sucks but that is how it is being played.
was it the same one on which he said something like they are doing fine on the qtr (3q that is) and doesn't understand why the stock is falling. then he comes and delivers a big miss and guides down saying not enough visibility. all these qtrs. they had good visibility and all of a sudden they don't have enough visibility. the guy made a huge amount of money selling in the 70s, he can easily buy like 5 million shares here and not break a sweat. he should have done that already right after the earnings for the all the missteps and lying that the qtr was doing fine.
and move the whole lock-up by another 6 months at least. fire the dumb and stupid ceo and any other mgmt involved in this disastrous decision. get a new ceo who understands WS and looks out for all shareholders. the underwriters are now milking fit to get the price of the follow-on as low as possible. everybody knows WS is shark-infested and if park and fit mgmt. thought otherwise they are just damn fools.
as i said before this move by park and fit mgmt is moronic and just plain dumb and stupid. the blockbuster earnings and guidance would have launched the stock into the 50s-60s and into a new trading range, so even if it fell on expiry or follow-on or whatever it would still be in mid-high 40s since you already have strong earnings and guidance acting as a put and are going into the holiday season. he screwed all the shareholders (insiders and outsiders). park could have actually made 30-40m more on his sale. that investor relations reply is a bunch of crock. what about people who bought after the ipo and were banking on the stock going up on strong earnings and guidance and holiday season.
park already made a lot of money on the ipo and he is still very greedy. also the company is getting 250m capital from the 7m shares. they could have just taken a low interest loan if they really needed it right away. if he wanted to do a follow-on he should have done it like 2 weeks or something before expiry or the let the expiry go through. if they let the expiry go through, they could just release a statement couple of weeks before that the major shareholders will be holding on to most of their shares through the lockup.
obviously there is going to be manipulation to catch as many cheap shares as they can. you think they will let this stupid ceo get his preferred pricing. they know the guy is stupid so the greedy underwriters will milk him as much as possible. you cant blame them, when you have a dumb, stupid ceo like this.
blame it on the moronic, dumb ceo and fit mgmt. this could have been trading in the 50s-60s right now and be in a new trading range with strong earnings and guidance as a put. ceo could have been selling at those prices and made 30-40m million more. he already made a lot of money on the ipo. why is he so greedy. he screwed all the shareholders (insiders and outsiders). so frustrating, mildly put.
fidelity probably got early pricing news. fit probably would announce it officially today evening and when the offering would open and close.
fit mgmt. couldn't wait for a little bit to soak in the blockbuster qtr and guidance. park his making his 80m, so i guess he doesn't care.
nah, man. they need to announce the pricing, who the underwriters are gonna be, when it opens and closes and all that stuff. they should have had all this lined up before announcing the follow-on and when they announce it they need to move quickly to remove any uncertainty. looks like they are doing all this after announcing their plans. putting the cart before the horse. this is a major screw-up by park and mgmt. hurting all shareholders insider and outside. not to mention doing this follow-on well before the lock-up expiry and after posting blockbuster numbers and guidance.
like I said, one dumb-headed move after another. this is a pretty good indication park is not fit to be ceo of the company. he might be good at a lot of things, but not being a ceo. that is for sure. he is a mistake prone ceo and something tells me this is not gonna be the last one. also, the capital they are raising is just like 250m, which I am not sure is necessary right now. since they already have a good amount of cash they could have just taken on that as debt very cheaply if they really needed it quickly. so, pretty much another screw-up on that front.
I am calling it as I see it, not whining. if you don't like what I post, you don't need to respond, just read and move on. personal attacks wont serve you or me. if you do want to respond to my post then keep it civil and avoid any personal attacks and frankly, i don't need your suggestions. no offense. and like i said not just fit, any company that sets forth the terms of the ipo should stick to it and not change them midstream. then there is no point in setting the terms of the ipo.
fit crashed with the market but didn't rally to where it should be when the market rallied like 2000 points in a short period of time for a few reasons (think I listed them in one of my other posts). those fantastic earnings and guidance numbers would have jolted it up big time and at a minimum would have put it in line with the market rally and would have outperformed the market going into the holiday season. sentiment and trend are important in the market in addition to other things.
they shouldn't even be doing this and SEC should not be allowing this. 6 months should be 6 months period. when they filed the ipo they said lock-up period is 6 months. that's it, keep it at 6 months. they are gaming the system and not being honest about the 6 months lock-up expiry filed with the ipo. nobody wants to hear this BS about orderly selling. gpro started this and some other ipos followed suit like cybr. shak, loco. etc. and its not right. at least they did it pretty close to the lockup expiry and these guys are doing it like a month and a half before.
just one dumb-headed move after another by park and fit mgmt. they announced the follow-on, killed what could have been a monster rally and just disappeared. another company, ceo, and mgmt. that cannot be trusted to do the right thing for shareholders. there's no point in posting fantastic numbers if it doesn't show up in the pps.
I think its for M&A. think an analyst wrote that in a note today. but park's stance is that they wanted orderly selling into lockup expiry. that is a bunch of baloney. the debate on the board is not that they shouldn't do it. the debate is, they should have done it later whether its a week out or closer to the expiry, to get a better pricing since they had a blowout qtr and great guidance and just squandered what could have been a great run in the stock into the 50s-70s which would have benefited all the shareholders outsiders and insiders and established a new trading pattern in the stock. any way you look at it, park is just plain dumb and clueless about the street. at this point, it is better they pull the plug on the offering.
like I said in one of my other posts why does SEC even allow this. then what is the point of setting a lockup expiry date. people make their trading decisions based on certain events and this is one of them. 6 months should be 6 months, period. no gaming the system.
I think dumb and clueless park should have just waited until the expiry date or just a week of two before that for the offering. stock would have hit 70s or atleast 60s after the blowout qtr and guidance, market roaring back, holiday season, major short squeeze, etc. and this is usually a good time for the market going into the end of the year. just common sense. is that too much to ask for. instead he threw all the shareholders under the bus. the guy must be the dumbest guy in the world and doesnt have a clue of how the street works. the expiry would have taken off say 10 bucks, so the insiders would have been able to sell in the 50s more like a 30% gain from where its at. gosh, sometimes you are like what are these ceos even thinking.