Hang on, 42mil shares to be released from escrow!!
Those shareholders paid $8.4mil.
Those shareholders now can thank Peter Malone for destroying shareholder value to the tune of circa $7.5mil at current share price. So these escrowed shares are only worth $840k at current share price.
So what will happen with these happy shareholders when they come out of escrow?
The last 4C estimated spend for 4th quarter 2018 to be $500k yet they only had around $200k in the bank at the end of last quarter.
There has been no announcement regarding the expected $300k from the government R&D grant!
So even at best, revenue of $200k this quarter, this company would be in dire straits with a shortfall of $100k for the current quarter!
I wouldn’t be surprised if the majority of the escrowed shares are dumped on market sending the price sub 1c and closer to 0.01c.
Better they get some funds back before administrators get hold of it.
SKN Price at posting:
2.0¢ Sentiment: None Disclosure: Not Held
