posted
This is another one to be leery of. In my opinion they are going to have a reverse split within a couple of months. They have almost all of their authorized shares issued and they are holding a shareholders meeting later this month to grant the board power to effect a split (forward or reverse) without shareholder approval. When you see that, you know it's coming. It's in their 14A filing from 11/2/04.
Posts: 5729 | From: Wisconsin | Registered: Sep 2003
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posted
Sorry it took so long. I was away from the computer for awhile. Here it is: [URL=http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001011601&owner=include]http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001011601&owner=include[/ URL]
It's a link to all of their filings. The 14A is the top one.
[This message has been edited by Upside (edited November 05, 2004).]
posted
Now how in the hell did I do that? I apologize guys, I royally screwed that one up. Hope no one sold because of my mistake. Upside is now slapping himself "Upside" his head.
Posts: 5729 | From: Wisconsin | Registered: Sep 2003
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posted
So whats the bottom line? Will this be worthless tomorrow? How does this work anyway? They have a 1 to 1000 R/S which means their pps goes up initially but also allows them to issue more shares? I am confused.
Posts: 41 | From: Los Angeles, CA, USA | Registered: Sep 2004
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posted
vettemadman, If it happens tomorrow, take todays closing price and multiply it by 1000. That's where it will open. Take however many shares you own now and divide by 1000. Thats how many shares you'll own. Typically the stock will tank immediately so if you want to get out, be prepared to do it at the open. On very, very rare occasions a reverse will help a company and the price will rise but that is few and far between. If this follows the normal pattern, it will drop back down to todays levels over the course of the next few weeks, you will own 1/1000 of what you have now and basically be worthless. It really is a kick where it hurts the most but it happens all the time.
Posts: 5729 | From: Wisconsin | Registered: Sep 2003
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