$$$ ProElite/EliteXC Stock Jumps 220% from $2 to $8 !!! $$$

[808Caliber]

Originally Posted by Lawplace

Can you afford some training now then?

hahhaaaa down goes frazier!!

[BigPapaSmurf]

that seems weird. it's not like elite xc has been doing incredible. are there rumors of a buy out or something?

[me>you]

Originally Posted by hegstrand

Sell short ASAP

I would.

Originally Posted by Jmend255

I wonder if this means anything?

...

Originally Posted by RH!NO

IFL stock went from $2 to $16.
Then of course it dropped to $.02 and they folded.
But hopefully that doesn't happen to EXC

nope.

[Steve4192]

Originally Posted by BigPapaSmurf

that seems weird. it's not like elite xc has been doing incredible. are there rumors of a buy out or something?

I would guess this is in response to CBS taking a bigger role in the company and shitcanning Shaw and his cronies. EliteXC's #1 asset is that CBS contract, and the fact that CBS is taking an active role in the company bodes well for the future of that asset.

[M.M.A.SuPreMaCy]

CBS is pumping money into EliteXC to get them through the year and the October 4th card. Thats what it probably is. They are also scaling back on other promotions and their umbrellas to focus on making money at the moment.

This may be a very good move from them.

[Thepumaman]

PELE has always moved in strange ways. It doesn't go up and down cents at a time several times a day like other stocks, it goes up or down a ton and stays there a while.

Is it a special kind of stock or something?

Also, no other stock I know would react this way to these kind of portent-of-doom pieces of news. There's something I'm bot getting.

[me>you]

The financial status of Pro Elite (EXC)

By Zach Arnold | August 15, 2008 | Print This

Pro Elite stock update today from the SEC: Notification of inability to timely file Form 10-Q or 10-QSB (NT 10-Q, 8/15)

The Company is spending significant time and resources seeking required financing, including significant efforts by the financial and accounting staff, and as a result is unable to complete the consolidated financial reporting needed to file our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2008 with the Securities and Exchange Commission by the deadline without unreasonable effort and expense. Such efforts include analysis of impairment of goodwill and acquired intangible assets, as described further below.

Therefore, the Company requests additional time to file its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2008. The Company expects to file its Quarterly Report by August 19, 2008.

The Company is actively negotiating to consummate a financing of approximately $3.5 million in secured debt (with a funded amount of $3.0 million after an original issue discount of $0.5 million) and believes a successful closing is reasonably likely, but there is no assurance that it will be successful in doing so at all or on a timely basis. Any such failure to obtain financing in the immediate future would also have a material adverse effect on the Company’s liquidity and capital resources and ability to continue as a going concern.

Even if the Company successfully closes on such financing, it expects to report in its Quarterly Report on Form 10-Q that its capital resources are sufficient only until the end of the year, and only if the Company makes significant reductions in operations and expenditures. The Company is also actively seeking additional financing beyond the $3.0 million to enable the Company to execute its operating plans without significant reductions in operations, but there is no assurance as to whether any such financing will be available on reasonable terms or at all.

The IFL is dead, and both Elite XC & DREAM are heading into dangerous territory. The MMA business at the end of this year may very well look exactly like the professional wrestling business on a worldwide scale — one major company (UFC… like WWE) and everyone else not even close.

When Pro Elite made the move to buy out a lot of B-level MMA companies, I thought it was a volatile and unwise move. How can you possibly manage four or five different MMA organizations by sitting in an office in Los Angeles? Impossible to do. By buying out all of the major B-level promotions (except Strikeforce), Elite XC has basically accomplished what UFC could never have dreamed possible of doing — potentially killing off an entire farm system of promotions for building new MMA fighters. Essentially put, if Pro Elite goes out of business soon then it can be fairly stated that the company negatively impacted the business by paying off so many upstarts and not doing anything with those promoters they paid off. Remember — promoters like Terry Trebilcock signed multi-year deals, so they will be on the sidelines in the foreseeable future if Pro Elite tanks and goes out of business.

There is something curious, however, going on with the Pro Elite stock. It was down to $2.50 USD/share and it jumped up $5.50 USD/share today to reach $8.00 USD/share. Why on earth would this happen, given that Pro Elite filed this new financial report today with the SEC?

[me>you]

fuck

[lefthook449]

Originally Posted by me>you

The IFL is dead, and both Elite XC & DREAM are heading into dangerous territory. The MMA business at the end of this year may very well look exactly like the professional wrestling business on a worldwide scale — one major company (UFC… like WWE) and everyone else not even close.

When Pro Elite made the move to buy out a lot of B-level MMA companies, I thought it was a volatile and unwise move. How can you possibly manage four or five different MMA organizations by sitting in an office in Los Angeles? Impossible to do. By buying out all of the major B-level promotions (except Strikeforce), Elite XC has basically accomplished what UFC could never have dreamed possible of doing — potentially killing off an entire farm system of promotions for building new MMA fighters. Essentially put, if Pro Elite goes out of business soon then it can be fairly stated that the company negatively impacted the business by paying off so many upstarts and not doing anything with those promoters they paid off. Remember — promoters like Terry Trebilcock signed multi-year deals, so they will be on the sidelines in the foreseeable future if Pro Elite tanks and goes out of business.

There is something curious, however, going on with the Pro Elite stock. It was down to $2.50 USD/share and it jumped up $5.50 USD/share today to reach $8.00 USD/share. Why on earth would this happen, given that Pro Elite filed this new financial report today with the SEC?

I'm no expert, but from tooling around on yahoo, it looks like there was big purchase at 2 on friday. It says the average over the last 3 months it has traded like 166 shares a day but it was 5,300 on Thursday (those may be a factor of the real number, i really have no idea, I own a few stocks and really only check the price).

I have no idea what this means or if it's good or bad for the company, but it does seem really weird now that they have admitted that they are late on filing some forms, and that they really need to cut back on spending because they don't have a lot of capital.

[lefthook449]

Another thing, mmapayout says that an explanation for the jump in stock price is that someone could have had an option to sell the stock for 8 on Aug 15. That would change how the price was listed because there's a the stock doesn't trade very often.

This explanation makes sense to me. I just got a letter from my company saying that next fall I can buy a certain amount of stocks at a price they determined now, no matter what the stock is trading for, so I can see someone having the reverse option.