Sounds good! The $0.22 limit buys hit today; moving the $0.16 limit buy order to $0.12 as it looks this is drifting down in the absence of any news. Checked the SIRC discord, no major news. Just quiet period around the Form 10.
SIRC has gone through a few changes in the last two weeks. Summary message sent to shareholders below. They also have a new President. The bit that interests me most is the part in bold - they don’t think they have to R/S to get to the $2-$4 range needed for NASDAQ. (Not sure which applies.) Current price is $0.20. Seems too good to be true, but the up-listing should see a bump.
The company provides the following shareholder update in response to questions from last week:
As it pertains to the OTCQB, the uplist process will begin once Form 10 is official and the new management and board of directors is brought on. Because of the requirements of an independent board of directors for QB uplist, it made no sense to name an interim board solely for the purpose of trying to rush the uplist. Instead, once the new management and new board are established and we are a fully SEC reporting company, we believe the process will go much more smoothly than it would have otherwise. There are currently no plans to uplist to the QX at all.
Regarding the Nasdaq uplisting process, funding is ongoing and we have reached the stage where term sheets are now being reviewed. Further continued progress in the Nasdaq uplist is now contingent on the finalization of Form 10 and the new board of directors/management.
New management are reputable, top level Nasdaq executives, including a 25 year industry veteran. A new vetting and due diligence process for acquisitions and major contracts has been created with help from them and will be implemented going forward. The target date for transfer to new management is Q4. In providing this date, please understand that this is a working goal, and not an absolute deadline. Dave will be staying on in an advisory capacity until the company reaches Nasdaq. As the new CFO takes over, Wanda will be shifted towards a position as Controller.
With regard to funding in general, term sheets are now being reviewed in conjunction with the new management team to provide the best possible result for the company and its shareholders moving forward. The company is working with top lenders and is determined to select the best option that will provide them with the greatest benefit moving forward, and will not take the quickest, cheapest deal offered for the sake of ‘just having funding at any cost’. Once funding is complete, the company will accelerate the pace of PRs. The company is confident that with the funding completed and the announcement of the new management team, there will be no need for an RS to reach its Nasdaq goals.
The roadmap for the remainder of 2022 is to finalize and receive funding, announce new management and fully transfer day to day operations to them, complete acquisitions and then focus entirely on organic company growth.
SIRC has signed a one year agreement with a marketing company to address social media issues and deficiencies. SIRC has given significant thought to the finalization of the name, Solar Integrated Renewables Corp. In testing out SolarEV as a company name, it was discovered that many people that the company dealt with did not know or understand the business through that name. SIRC has been SIRC since the beginning, and it is believed the new name properly reflects the business model while keeping with the established SIRC brand.
SIRC is actively exploring every opportunity with relation to EV charging and car rental companies.
Dave’s health is fine, and there is a succession plan in place.
With regard to share structure, Pablo’s shares are tied up in litigation and he may not sell at this time. Brian Milholland’s shares are not restricted, however, the company does not see him being a big seller in lieu of what is forthcoming. Some of the new management team has already purchased shares in the open market.
Finally, if Arbiter Bank does not return the $4.2M deposit to SIRC with interest by Friday, the company will move forward with a lawsuit against Arbiter Bank to protect its interests.
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@The_Ni did you see the latest earnings from SIRC? It’s below 0.15 right now despite what sounded like positive earnings and plans to still move to list on NASDAQ
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@kenbrellthompkins I’m surprised by the price movement too. The earnings were ok, not stellar. Compared to last quarter. $57M quarterly revenue, $6M profit and backlog of $291M, yet company valued at ~$90M, so still feels undervalued.
Maybe the actual Nasdaq listing will change things… thing with penny stock is there’s so much happening in the background that it’s hard to tell. I’m still holding, but no plans to double down.
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SIRC seems to be in freefall. Disappointing, given that the new management team seems quite competent, have scaled up businesses, and exited them too. There are some ongoing lawsuits, and there’s always the potential for additional dilution though.
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Thx for the update, decided to avg down at 0.10
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Current price drops seem to be linked to several lawsuits. Settlements via shares in substantial numbers.
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@Mapin thank you so much for noting this! I hadn’t seen it. Unfortunate, and one of the risks of penny stocks =/ Personally, still down, still holding, as fundamentals don’t seem to have changed. But this dilution is certainly hurting.
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Same here
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New management team out, old CEO back. Stock price down 50%+ as a result.
CEO, CFO and President of the Board resigned. No idea what is happening in the background, but there’s been a slew of lawsuits recently. The new mgmt team seemed liked a seasoned group of operators, so this is a huge red flag.
Price fell 50%+ on news, its down 80%+ in the last 3 months:
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