$BSTN Should have news Friday. Their stockholder meeting may/may not take place Friday Greece time (Finished by the time we open Friday) based on stockholder voting on a reverse split, among other things.
BSTN leases (Not owned I believe) a Dry bulk ship called the Nikiforos. Idle time seems to be around 10-15 days between shipments so there is income however, how profitable they are remains to be seen.
Most of us know that any time a RS comes along generally there is more dilution of the stock. It would appear that most of the float (was sold on or around 3/20 – 3/21 where the Bid ended up going away).
Shorts look to be around 600M or $ 60,000 worth of stock. My guess is most of this is those shares are held by the owners of the company or controlled by 10%+ holders to hedge. So many shares were “turned” on those 2 days it’s difficult to say what exactly happened or what was done. There are 2.8b shares outstanding.
CSTI market maker just put up a sell for 250k shares (Presplit of 1.8B shares) at .25 most likely at market which would demolish the stock slowly throughout the day… then shorts will cover to even the hedge. Maybe the .25 is nothing, but if it is, RS is 2500 to 1. Short shares go from 600m to 240k. Common goes from 2.8b to 1.1m.
A couple scenarios in my opinion. Do your own DD.
Vote passes (I believe a 95% sure thing). Bump at the open then a slow and steady dump waiting for it to go flat. Then shorts will cover slowly throughout the day. MM will want to keep it in the flat zone as much as they can while covering in order to take our money.
Doesn't pass and news of an equity infusion takes place. My guess... via stock appreciation “pump”. You won't hear about the "split not happening" rather, only news which will drive new investors to buy.
With just 1.1m shares (If the split # is correct – again, IMO, don’t go by what I say) that would be a crazy low float. We could see the stock skyrocket. Look at what DOLV did today. That would make the shorts cover of course.
So what I get out of this is that if the vote goes or doesn’t, we may actually be in a perfect storm situation where we see some huge gains.
Good luck to those holding.