The chart is absolutely terrible, it's literally a contender for the worst chart I've ever seen. At a quick glance it is nothing but a consistent long term downtrend. Looking closer you can see multiple small rallies which are closely followed by new lows. There is one exception where ME1 (at the time named CPH) did indeed make a bizarre, inexplicable Disallowed (I was gobsmacked at the time, it made absolutely no sense and was based on nothing) which actually made it take about two years to hit a new all time low, and the downtrend has simply continued since then.
There is absolutely no long term double bottom. The price is currently sitting around the all time low of 0.6c which was first hit about two months ago. The price has fairly regularly hitting fresh all time lows for about the last year in a consistent trend. This is about as bearish a scenario as you can possibly get, much worse than a sudden crash which can cause a rally even in the absence of fundamental value, which ME1 has none of IMO. The company has never turned a profit and has no indication of ever doing so other than absurd promises which have been made and broken since the inception of the company (initially under another name).
The company name has indeed been changed, which is a common strategy used to attempt to distance an entity from a bad reputation, which this company has and very much deserves.
To say people are preferring to be paid in shares rather than cash is fanciful. They are being paid in shares rather than cash because the company can create shares out of thin air and do so because they simply do not generate any cash and never have other than rattling the tin and getting investors to throw money at them (which is the one thing they are very good at!).
To believe management is asinine. You can assume they have been lying since day one, or you can assume that they are incompetent and were genuinely believing the promises they gave shareholders and were incapable of doing what they said they would over all those years. Either way, they continually made a fortune for themselves at the expense of shareholders and had no misgivings about continuing to do so for all those years, and continue with the exact same methods now. If someone spends years asking to borrow money and promising to pay you back double, but never pays you back at all, and you keep giving them another loan every few months, ignoring the previous one, it's your choice to continue believing them, but the ME1 chart shows what's going to happen.
You can just sit there and say this is a 10 or 100 bagger, but for a company with negative fundamental value (it has always lost money and there is nothing to suggest things will change). They have been good at maintaining the market cap by pumping new shares into the system, but this has been at the cost of having a declining share price. With this many shares on issue a Disallowed would push the market cap into hundreds of millions of dollars, which is just simply a crazy, unrealistic hope, and a 100 bagger would take it into the billions, which is so far beyond absurd it's just insane to expect. With the inevitable dilution continuing, those hopes get even further beyond plausible.
Yes, there will likely be another small rally before the company ceases to exist. There may even be a reasonably large one, perhaps even another multibagger (though another Disallowed is probably impossible given the number of shares on issue, the reputation and history of the company and burn out of existing investors, many of whom would eagerly jump out given the chance - many would currently have non marketable holding sizes), but take a look at the entire history of the company and you can see how bad a bet it is hoping to get in and out at the right time, let alone looking at any long term value here. When the company continues to burn money, largely by putting investor dollars into their own pockets (and some people still continue putting their own money into that situation!) and has no sign or realistic hope of ever generating profit through business activity, it's just not a good investment in my view. Each to their own!
ME1 Price at posting:
0.7¢ Sentiment: Sell Disclosure: Not Held
