Actually I am glad that the ipo was terminated due to market conditions! I am not sure of the market conditions that management is talking about~ oil stocks on fire and the market is reaching all time highs in the US ( if you took in account inflation and real dollars we are not near an all time high).
The bottom-line hedge funds, institution, large investors did not see the advantage of snde- the dilution was just to great and the total shares outstanding approaching over 600,000,000 just too much to swallow.
It is also very possible that banking firms would have priced the issue 20% below the current depressed price and really hurt insiders and shareholders.
Personally, they have plenty of working capital~ cash flow, cash on hand and bank lines.
None of us needed another 200 million shares outstanding.
Even with the 400 million shares outstanding now we can never get any traction on the upside.
Now that the IPO is dead meat - sea or sdcjf can finally move higher after the idiots sell it off ( maybe) because they thought that the ipo was a positive game changer. I for one thought is was a loser and we wasted some 3-4 months waiting for the offering. Management should now just
list sdcjf on the otcx -- they have already done the filings
with the sec.
I bet this cost $500,000.00+ to do this ipo that fizzled before it made it out of the gate. Management in that case
looks like idiots. They sure can find oil and cheap acreage that turns into gold. Maybe they should just concentrate on what they do best.
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