WRSP Investors See Red As Stock Goes Pink
WorldSpace Stock is now on the pink sheets, and many investors are simply seeing red! The stock symbol is now WRSP.PK, and the equity is trading at .03 cents. WorldSpace delivers satellite radio services in countries outside North America, but has had troubles from the start in getting their services launched, and with the world markets in turmoil, was simply unable to weather the storm.
No Position WRSP.PK
That’s pretty much a given when a company files BK. What did we think would happen?
You know, all of these scare tactics that if we don’t vote for the RS and the dilution we will face the same thing WorldSpace is facing is pretty insulting.
I think it is imperative that we understand how each of the proposed issues (RS, dilution) will affect the company versus how they will affect the current shareholder.
If you don’t own the stock or own it under $.30 then I could see why you might support the dilution/RS. Otherwise, if your cost is at any price above $.75 your screwed if the RS/dilution gets approval.
Many others have eluded to this in previous posts in much more detail. I just don’t see how anyone with a cost basis of +$.75/sh would be okay with this.
In terms of the reverse split, the company may be forced into doing it in order to maintain listing. If the share price does not get above $1 before mid 2009, then a reverse split will be needed to maintian listing on NASDAQ
omg this stocks a never ending nightmare.
If the 30 day NASDAQ delisting clock resumes on January 16th without an extension, which is completely possible, given their reason for the extension to begin with, their notice would be 30 days later, on or about Feb 16th. The convertible Feb 09 debt issue will be resolved by then. We will know more about the May 09 credit facility and whether or not it will be extended. The earliest the RS plan needs to be submitted is as part of 180 day extension plan in August, 2009, if delisting is their only motivation for the RS. If this stock has not gone above a $1 for 10 consecutive days to restart the clock by then, we should all just enjoy the music and be invested in other companies. IMHO
Anybody know if Mel is a good poker player?