I forgot to mention the seed investors (which most IPOs have) that got in super cheap. They converted their convertible notes at 1¢ and 8¢. The guys sitting on 1,900% profit should definitely be churned out by now (3.5M shares). However, the ones at 150-200% (6.5M shares) are still waiting on the sidelines for suckers to push the price higher before they dump with no remorse.
Also, we have BPL shareholders that got (35M) in specie distribution of COB shares. They were created via a 10,000 to 35,000,000 split of $10,000 worth of shares. If you do the math, that's 0.02857¢/share LOL. If they sell at 20¢, that's a 69,904% profit! Pretty good deal. LOTS more churning to go, so buyers be smart, please.
Note: I didn't take into account the 22,7M shares that are escrowed for at least 12-24 months. That's, however, only 50.4% of the shares mentioned above. 12M trades yesterday and around 3M trades today, we still have 8-10M shares to churn. Also, you shouldn't expect the churn to be clean, so it's better to be patient until the volume is right before buying.
GLTAH
COB Price at posting:
20.5¢ Sentiment: Hold Disclosure: Held
