SSPE: Reverse Stock Split - 2008/05/22 10:06 amSomeone wanna clarify this please, and does it mean good things for us suffering through this pain????
SUN Announces NASDAQ Approved Stock Split, Shareholder Meeting and Filing of Its Annual Financial Statements Thursday 05/22/2008 9:00 AM ET - Market Wire
Related Companies Symbol Last %Chg SSPE 0.0030 0.00%
As of 12:00 AM ET 5/21/08 SUN Sports and Entertainment Inc. (PINKSHEETS: SSPE) announced today the approval by NASDAQ of a Reverse Stock Split, notice of a Shareholders Meeting, and filing of Financial Statements for fiscal year ending (FYE) 2007.
SUN received approval from NASDAQ to effectuate a 100:1 reverse of its issued and outstanding shares reducing the amount from 250,000,000 to 2,500,000. The change in the capital structure is required to complete ongoing discussions concerning the recapitalization of the Company.
SUN is also holding a Shareholders Meeting on Monday, June 9th, 2008 in Dallas, TX for shareholders to vote on a number of items listed in a Proxy that will be mailed to all shareholders of record as of May 9th, 2008. The meeting is restricted to Shareholders listed in the Proxy and will not be open to the General Public. The Company will be holding an Annual Shareholders Meeting to update and ratify items for approval and will issue notices accordingly.
The Company also posted its FYE 12/31/07 and FYE 12/31/06 (unaudited) Financial Statements and Balance Sheet on Pink Sheets (www.pinksheets.com). Revenue for 12/31/07 was $1,631,191 compared to Revenue for 12/31/06 of $170,906. In 2007 the Company invested heavily in marketing, event production, and brand development and as a result posted a Net Loss for 12/31/07 of $2,849,245 compared to Net Loss for 12/31/06 of $509,245.
As part of the continued reorganizational plan the Company has begun implementing a financial program intended to eliminate debt and provide new equity financing. The Company will seek to file a Form 10 with the intent to become a fully reporting company with audited financial statements. The ongoing restructuring plan involves revising the corporate strategic goals and new financing to provide the Company the necessary capital to implement its operating plans.
The Company has been working on building a foundation for its future to include new events, strategic relations in the media, venue, finance and global marketing partners. SUN Chief Operating Officer Clyde Gentry III stated, "With all the recent news of MMA in the media and the production of large scale MMA Events, the opportunity for SUN in this sport could not have come at a better time." Gentry added, "I am pleased with the progress of the Company since my appointment in this position and even more impressed with the strategic relations that we are in discussions with. I am confident that we are in the right place at the right time."
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snoopy1011
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Re:SSPE: Reverse Stock Split - 2008/05/22 11:52 amI certainly can't clarify this, but I've NEVER heard of a 100 for 1 R/S that was a good thing for the shareholders. Mr. Gentry was quoted as saying "I'm confident we are in the right place at the right time." Good for him, I'm definitely not in the right place. I sold off most of SSPE in late 2007, should have been the whole thing. Maybe Mike has a different view.
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Pipa
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Re:SSPE: Reverse Stock Split - 2008/05/22 12:17 pmScottrade shows 1 trade of 250 shares up $1.10....to $1.50
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prangalmighty
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Re:SSPE: Reverse Stock Split - 2008/05/22 10:53 pmI used to think all R/S were a total write off. However, I recently got out of my first r/s with a profit. I got knocked down to just 320 shares of "spice depot". I ignored it for a year and suddenly found it climbing this past month. i put in a sell and walked away with a $60 profit.
You don't take a loss until you sell at a loss.NON-Union and proud of it!!!
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prangalmighty
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Re:SSPE: Reverse Stock Split - 2008/05/23 07:27 amPPS is already doubleing my money
BUT!! Scottrades won't let me sell yet
They do not list me having SUNR yetNON-Union and proud of it!!!
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goldenrod
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Re:SSPE: Reverse Stock Split - 2008/05/23 10:49 amsnoopy1011 wrote: I certainly can't clarify this, but I've NEVER heard of a 100 for 1 R/S that was a good thing for the shareholders. Mr. Gentry was quoted as saying "I'm confident we are in the right place at the right time." Good for him, I'm definitely not in the right place. I sold off most of SSPE in late 2007, should have been the whole thing. Maybe Mike has a different view.
What to do, when a company you hold stock in pulls a surprise R/S? Run to the bathroom and wrap your arms around the toilet. What happens next is gonna make you puke.I may not always be right but I'm never wrong
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gw1213
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Re:SSPE: Reverse Stock Split - 2008/05/23 11:08 amyou were right goldenrod, that's just about what happened when I looked at my Scottrade account this morning and noticed not only was there no longer a valid SSPE symbol but also that all my shares under that symbol were now worth 0.00!!! Is something still pending you think and should my shares transfer over to this new SUNR?
I have to say I felt pretty good reading Mr. Gentry's quote as well and then this happens....where's that toilet at........
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Just logged in, current price is .07. Bid is .15 and ask is 1.45
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gw1213
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Re:SSPE: Reverse Stock Split - 2008/05/23 12:42 pmI talked to my Scottrade rep and was told this is still an open, pending situation and we aren't s.o.l., he said look for the update to hit within a day or 2 regardingn the shares transferring to the new symbol, too bad it didn't stay at 1.50
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CockyFox
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Re:SSPE: Reverse Stock Split - 2008/05/23 01:45 pmMan, Goldenrod, you got that right. A Reverse split is a curse on a stock. I have not seen one end up good for shareholders yet.
anytime I see a stock that has grown their shares to the billion plus amount, I steer away from it. In fact if it gets much above 500 million I don't want to own it.
I had one one time that only had a 35 to 1 Reverse split and it went to rock bottom right after the Reverse Split. I mean immediately. And the horrible thing about it is that you don't get a chance to unload it immediately and get stuck with the total loss. Reason is, everyone else is trying to dump too and no one is buying.
Fox.CockyFox--The Henhouse Raider "Let There Be Profit"
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CockyFox
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Re:SSPE: Reverse Stock Split - 2008/05/23 01:47 pmAnd if there is any buying, guess who it is, and at rock bottom prices. Take a look at the history of Paim. that one was a pure criminal act in my book. FoxCockyFox--The Henhouse Raider "Let There Be Profit"
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gw1213
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Re:SSPE: Reverse Stock Split - 2008/05/23 10:01 pmwell it has updated and I made out ok but for those of you who had $5000 invested in this thing turned it into $17g's today, not bad. maybe this is a good thing for the company
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Laraz5
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Re:SSPE: Reverse Stock Split - 2008/05/24 02:49 pmSUN Announces NASDAQ Approved Stock Split, Shareholder Meeting and Filing of Its Annual Financial Statements May 22, 2008 9:00 AM ET
SUN Sports and Entertainment Inc. (PINKSHEETS: SSPE) announced today the approval by NASDAQ of a Reverse Stock Split, notice of a Shareholders Meeting, and filing of Financial Statements for fiscal year ending (FYE) 2007.
SUN received approval from NASDAQ to effectuate a 100:1 reverse of its issued and outstanding shares reducing the amount from 250,000,000 to 2,500,000. The change in the capital structure is required to complete ongoing discussions concerning the recapitalization of the Company.
SUN is also holding a Shareholders Meeting on Monday, June 9th, 2008 in Dallas, TX for shareholders to vote on a number of items listed in a Proxy that will be mailed to all shareholders of record as of May 9th, 2008. The meeting is restricted to Shareholders listed in the Proxy and will not be open to the General Public. The Company will be holding an Annual Shareholders Meeting to update and ratify items for approval and will issue notices accordingly.
The Company also posted its FYE 12/31/07 and FYE 12/31/06 (unaudited) Financial Statements and Balance Sheet on Pink Sheets (www.pinksheets.com). Revenue for 12/31/07 was $1,631,191 compared to Revenue for 12/31/06 of $170,906. In 2007 the Company invested heavily in marketing, event production, and brand development and as a result posted a Net Loss for 12/31/07 of $2,849,245 compared to Net Loss for 12/31/06 of $509,245.
As part of the continued reorganizational plan the Company has begun implementing a financial program intended to eliminate debt and provide new equity financing. The Company will seek to file a Form 10 with the intent to become a fully reporting company with audited financial statements. The ongoing restructuring plan involves revising the corporate strategic goals and new financing to provide the Company the necessary capital to implement its operating plans.
The Company has been working on building a foundation for its future to include new events, strategic relations in the media, venue, finance and global marketing partners. SUN Chief Operating Officer Clyde Gentry III stated, "With all the recent news of MMA in the media and the production of large scale MMA Events, the opportunity for SUN in this sport could not have come at a better time." Gentry added, "I am pleased with the progress of the Company since my appointment in this position and even more impressed with the strategic relations that we are in discussions with. I am confident that we are in the right place at the right time."
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futuresjackal
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Re:SSPE: Reverse Stock Split - 2008/05/24 02:57 pmgoldenrod wrote: snoopy1011 wrote: I certainly can't clarify this, but I've NEVER heard of a 100 for 1 R/S that was a good thing for the shareholders. Mr. Gentry was quoted as saying "I'm confident we are in the right place at the right time." Good for him, I'm definitely not in the right place. I sold off most of SSPE in late 2007, should have been the whole thing. Maybe Mike has a different view.
What to do, when a company you hold stock in pulls a surprise R/S? Run to the bathroom and wrap your arms around the toilet. What happens next is gonna make you puke.
The Company also posted its FYE 12/31/07 and FYE 12/31/06 (unaudited) Financial Statements and Balance Sheet on Pink Sheets (www.pinksheets.com). Revenue for 12/31/07 was $1,631,191 compared to Revenue for 12/31/06 of $170,906. In 2007 the Company invested heavily in marketing, event production, and brand development and as a result posted a Net Loss for 12/31/07 of $2,849,245 compared to Net Loss for 12/31/06 of $509,245.
Unaudited??? What comes next is the AUDITED!!! That is when the puking begins!!!"The average man doesn.t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn.t even wish to have to think." -Jesse Livermore
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goldenrod
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Re:SSPE: Reverse Stock Split - 2008/05/25 11:32 amNobody is immune to the "SURPRISE" R/S. I was caught in the RUNU (RUDY,RUDY,RUDY) 40,000/1.
Quick summary. RUNU came back at $2.00. Very quickly, went to $.10, rose back to $.50+ and now it is near $.10, again.
Plan accordingly.
FJ, I won't hesitate to give you the when I make money, while you are napping, but I will never rejoice in others misfortune. Missing gains is one thing. Taking an ass whippin' is a whole other thing.
When the shock wears off, you may see why I think there is money to be made, here. In RUNU, the .10 to .50 run was sweet.I may not always be right but I'm never wrong
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prangalmighty
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Re:SSPE: Reverse Stock Split - 2008/05/25 05:26 pmNothing could happen with a pinkie that would make me puke
My general rule on pinkies is make $100 and get out. This is my second time in SSPE. If they take me out at $1.40 tuesday, I will be doing better than planned.NON-Union and proud of it!!!
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Laraz5
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Posts: 16
Re:SSPE: Reverse Stock Split - 2008/05/26 11:32 amRod, thats an Interesting stock RUNU, I made the same kind of money on a Lebed Pump GBVS wich is also a Rudy Revolution beverage company? If it sounds strange it is. Two companies 1 drink who knew
LARAZ
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Laraz5
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Posts: 16
Re:SSPE: Reverse Stock Split - 2008/05/26 11:39 amPrang, I don't think your getting out for 1.40 anytime soon. I don't believe the MM's will allow the bid to hit it that quick although it keeps a steady rise I can't see 1.40 for quit some time. Unless CJ comes out with the news that I believe is coming.
Check this out our announces our date and SUN and Affliction were both in meetings in LA last weekend? I don't know for sure but one is hopefull.
Posted by: Riverdog Date: Monday, May 26, 2008 10:50:23 AM In reply to: None Post # of 4299
FJ, Don't understand the negative after negative comments but if you want to make your money back better hop back on board and get buckeye out of your ear.
This isn't IHUB I'll post your email telling me to sell me shares because there bankrupt and lost there assets. We all know how that turned out. Petition dropped
I know that email went out to a lot of shareholders and that is very undermining when you didn't understand the truth.
LARAZ
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goldenrod
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Re:SSPE: Reverse Stock Split - 2008/05/27 12:03 pmLooks like everything came out fine. Trading near the presplit price. No sell off.
100/1 is a lot less traumatic than the standard 10,000/1.I may not always be right but I'm never wrong
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Frank3211
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Re:SSPE: Reverse Stock Split - 2008/05/28 04:23 am this is crap....!!!!!!!!!!!
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prangalmighty
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Re:SSPE: Reverse Stock Split - 2008/05/28 08:10 amFrank3211 wrote: this is crap....!!!!!!!!!!!
Don't be too hasty. You don't want to use up all your four letter words yet, wait for .007NON-Union and proud of it!!!
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snoopy1011
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Re:SSPE: Reverse Stock Split - 2008/05/28 01:43 pmprangalmighty wrote: Frank3211 wrote: this is crap....!!!!!!!!!!!
Don't be too hasty. You don't want to use up all your four letter words yet, wait for .007
Priceless Too bad it's so true.
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Laraz5
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Posts: 16
Re:SSPE: Reverse Stock Split - 2008/05/31 01:17 pmUp 100% in 2 days? go Figure, such a thing would happen. Next week is going to be even more Interesting. We probably go over a buck by Tuesday anyone looked at the float. LOL there isn't any any buying coming in and SUNR is gone!!
$2.00 is only .02 pre R/S with 100th shares in the float Very Very easy to hit with any sort of buying.
Rod you were right this is a money maker people just didnt see it.
or were just to angry to look at it.
I'm in bigly and were going up Biglier? not a word but sounded ok.
LARAZ
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abadmango
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