Of 4,262 trades that were executed on Monday, 4,166 took place at prices higher than the $.165 close, resulting in just under $2 million in collective losses. According to The Nightly, the average share changed hands at $.2186.
Such pocket emptying action hadn't been seen on the opening day of a Stock Tips pump since Pingify International (PGFY) opened to a clobbering last May. That ticker was the subject of an SEC imposed trading suspension just days into the fresh scheme. Within our weekend report, we pointed out certain similarities between TLPY and PGFY that may have sent investors fleeing into the night.
|TLPY Trading - March 9, 2015|
As of March 25, 2013 , 36,000,000 shares of our common stock are owned by Rob Danard and Adrian Ansell (a non-management affiliate) representing control of approximately 88% of the total voting power of our company. As a result, Danard and Ansell essentially have the ability to elect all of our directors and to approve any action requiring stockholder action, without the vote of any other stockholders. It is possible that the interests of Danard and Ansell could conflict in certain circumstances with those of other stockholders. Such concentrated ownership may also make it difficult for our shareholders to receive a premium for their shares of our common stock in the event we merge with a third party or enter into other transactions that require shareholder approval. These provisions could also limit the price that investors might be willing to pay in the future for shares of our common stock.According to this SEC filing, Ansell divested himself 30 million shares of SPRZ during June 2014, leaving him with a paltry 3 million shares and no longer subjecting him to reporting requirements. It would not be far fetched to believe that he shed much of those shares in the run up of the stock that lead to the halt.
The SPRZ fiasco has correctly left many TLPY players feeling uncomfortable about the viability of TLPY's share price even after yesterday's raping led to a 35% discount at the close.