They were trading this morning at 25 cents, which on a post consolidation basis is equivalent to about 42 cents, over double what the IPO will be.
IMHO, crazy if you are buying at todays prices, with an IPO to come at 20 cents, all you are doing is providing an easy profitable exit for former Spencer shareholders, most of whom will grab all the 20 cent IPO shares anyway.
This was an insiders cash grab.
Post consolidation it may trade near 40 cents or more, who knows, or it may trade down around 25 cents, but it is prudent to wait, at least until this over-hyped buying ramp becomes more sensible and meaningful.
Good for anyone who bought yesterday though, from the low of 12c up to about 15c. Congrats.
Put it on your watchlist for the days following post-consolidation, when trading under the new team and name. In the meantime, do the thorough research on BulletProof, and let's hope it lives up to it's name.
Gw
SPA Price at posting:
23.0¢ Sentiment: None Disclosure: Not Held
