Exactly.
The current market capitalisation of ME1 is $9,460,000.
There are 4,728,824,027 ordinary fully paid shares on issue.
Last traded price was $ 0.002.
$ 0.002 x 4,728,824,027 = $ 9,460,000.
So at the current market cap, immediately after the consolidation at 20:1, there would be 236,441,201 shares on issue and the share price would be $ 0.04.
Yesterday's announcements propose the issue of the following quantities of ordinary fully paid shares:
3,000,000,000 to be issued on 14/2/2024
150,000,000 to be issued on 30/1/2024
120,000,000 to be issued on 30/1/2024
Total to be issued = 3,270,000,000 (pre-consolidation) which becomes 163,500,000 post-consolidation.
236,441,201 + 163,500,000 = 399,941,201 shares on issue.
Within 3 weeks of consolidation, your equity is already diluted by 40%.
If the market still valued the company at $ 9.46 million, the share price would then be:
$ 9,460,000 / 399,941,201 = $ 0.0236
Pre-consolidation, the share price couldn't go any lower.
Post-consolidation, it can fall to the equivalent of $ 0.00005 in today's terms.
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Ann: Notice of General Meeting/Proxy Form, page-12
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Last
0.3¢ |
Change
0.001(50.0%) |
Mkt cap ! $2.469M |
Open | High | Low | Value | Volume |
0.2¢ | 0.3¢ | 0.2¢ | $10.47K | 5.234M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
12 | 7385064 | 0.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.3¢ | 48974930 | 34 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
12 | 7385064 | 0.002 |
83 | 334166859 | 0.001 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.003 | 48653930 | 33 |
0.004 | 19332221 | 25 |
0.005 | 6848090 | 15 |
0.006 | 2533639 | 10 |
0.007 | 2137334 | 3 |
Last trade - 16.10pm 29/05/2024 (20 minute delay) ? |
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Last
0.3¢ |
  |
Change
0.001 ( 0.00 %) |
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Open | High | Low | Volume | ||
0.2¢ | 0.3¢ | 0.2¢ | 117685 | ||
Last updated 15.50pm 29/05/2024 ? |
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ME1 (ASX) Chart |