The share price was doing nicely until the new announcement...

The share price was doing nicely until the new announcement today regarding the convertible note. The punters are nervous about this entity now, because it has resulted in x3 massive dumps of shares. The selling of about 14 million shares, forced the price from 12c to 8c. Then 4 million shares knocked it from 8c to 7c and then another 5 millions shares thrashed the share price to 5.3c.
IMO, the conversion to shares announced today are retrospective, and these shares mentioned have already been sold into the market! so I personally don't expect any massive dump in the short-term. In the long term, I believe La Jolla Cove, can get "smarter" and don't have to act like a 15 year old, having his first experience with alcohol! Their selling could have been done, almost without anyone noticing,if the timing and planning had been well coordinated. They should be selling into a rising market, not dumping into a declining market!!! This is what Mr Diabolical Dunce does. In fact, I'm going to "Google" this company and see if Mr Dunce is their CEO or one of their directors. Trust him to reappear again like some bad smell, that lingers on and on! If they had sold into the rising market the shares probably would not have made 12c, maybe only 8c on the first day, but you would have had multitude of enthusiastic punters, wanting to do it all again the next day! Who know how it may have turned out.
Cheers