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The price of a stock is generally irrelevant as there are so many other factors involved. The fact is, there are about 60million shares of ProElite outstanding, and it does an average volume of like 1,600 shares a day and trades on the pinksheets. I'm amazed someone was stupid enough to buy this stock, even more so that someone was willing to pay up to $8 for shares. Soon this stock with be worth about 1/100th of a cent and the company will BK. They burnt almost all their cash and have virtually no way of getting more other than issuing more shares or arranging a large sale. They have $2mill more coming from CBS, and have about $3m on hand, but they need closer to $9m to last the year. Doubtful, but past this year, it should be all over.
Too bad I can't short this stock.
-Coach
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