PP of 10M shares @ $1.50 closed with over-allotment of 1.5M shares. Insiders participated in offering. Company is trading at deep discount to $9 ipo price. Additional capital raised in the offering alleviates working capital concerns that auditor raised at IPO that tanked the price.
Stock trades thin. Looking at a short term swing towards the 50MA.
Trade closed: target reached
⋅
10000 shares @ $1.62 sold at @2.48. Will continue to watch.