- BluGlass has received commitments for $2.3 million via a Placement to institutional and sophisticated investors early May - Since then, there are 10M shares on sale @0.012, and 9.5M shares on sale @0.013 - Institutional funds have committed to subscribe for up to $3 million of any shortfall from the SPP Offer (SPP Shortfall Securities) on the same terms as the SPP Offer. - Current SPP off is at the lower of $0.013 or a 2.5% discount to the 5-day VWAP for BLG shares prior to the closing date for the SPP Offer.
My Question: Who (holding significant shares) is selling at record low price prior pending potential $3M+ contract signing announcement?
My thought:The institutional and sophisticated investor who received big shares via $2.3m placement is trying to drive share price down to lower the 5-day VWAP, and hurt investor sentiment so that they can subscribe another full $3m at lowest share price.
I might be wrong. Any other thoughts?
BLG Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
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