This result was obvious. I even mentioned a few weeks back that they’d likely push the price down to get their last tranche at 0.001….
and presto.
The deal was shocking, we knew it when it was announced.
The next issue will be raising funds, so they’re gonna need to pull a finger out and get some buying interest to chew through the overhang and push the price north.
The damage Phil has done is enormous. The fact that he has walked away with the $ he has over the years (plus payout), is absolutely revolting. I have a list of MD’s that I won’t touch a stock if they’re involved with…. He made it onto that list quite easily.
Spec stocks are notorious for having MDs who promote a “lifestyle company” setup… many do it for years and hop from start up to start up. But his remuneration was bat crap insane, and I think the original setup with CNE (who were basically funding everything, before the China/Aus relationship breakdown), set the unfortunate “snouts at a trough” setup.
And despite market/inhouse conditions, those salaries rarely get reduced.
The board are just as culpable, for having let him continue for so long.
All in my humble opinion, of course.
On a personal note, I like Justyn alot and do think he’s going to do whatever is needed to get back on track. I’ve met him too and despite my issues and grievances, he appears genuine …but how much more dilution occurs before we get back on track is the question.
SOI nearing 2B.
MC wise (and I’ll likely cop flak for it), it’s valued stupidly low and I believe without the US drawing down and continually dumping, we’d be above 1c comfortably. insane selling pressure vs no buying pressure only pushes the SP one way.
Decent news will push through some gaps once the overhang is sorted. I have bought more. I understand the debt situation needs to be considered, but our partner has been very supportive which is a good sign.
Not financial advice, play the hand you’re dealt. A golden opportunity, or more of the same.
I remember a certain lithium stock I was trading a few years back…. Price got obliterated when MD sold off and sentiment was pretty horrendous. Fast forward a few months or so later, some news and the stock rallied about 20x higher. Not comparing the 2, just pointing out the joys of speculative investing.
I could focus on the frustration that even though the options had plenty of time, they’ll likely expire (which is a massive $ loss for me)… or look at this company as a $4M MC spec stock with plenty of upside potential (which now that we have one less potato, seems more likely it could be realised).
(20min delay)