RE: 2m sell offs.6 May 2024 13:52
The selling was either Atlas forward selling, or CLG capital disposing of approximately 44m shares left over after that debacle. Reality is we won't ever know.
Atlas converted at the lowest vwap, 0.0061 netting the 40m shares. In that Rns it was stated that they intend to hold the shares for an undisclosed period of time, and won't be imminently selling.
I expect when we get the next big rns that will create volume, and we will likely go over a penny again, I would be very surprised if Atlas didn't sell those 40m shares into that volume.
My feeling is, if the news is good enough that should be absorbed. They will then convert again, who knows how much, but it should be at a higher price, so fewer shares gained with each conversion until the 1.5m draw down is matched. As we don't know the terms they could do another 250k, or go for the full whack of the remaining balance.
For this to not be too damaging, we need that TFS, and to not have to draw down again.
The latter wouldn't be the end of the Co, but far from ideal.