Long time readers will be familiar with the Plurilock (PLUR.V) tale that’s been unfolding over the lst six weeks.
The coles notes:
- Infosec company with great revenues had struggled for years to find strong hands, needed a financial re-org
- Rolled back stock and the floor fell out of the share price
- New crew took the reins, did a hefty dilutive raise at $0.20, re-worked debt, put cash in the bank
- Stock ran hard on inside buying, hit a buck and found some shorting, blew through that to $2.50, warrants cashed in
- With PP unlock day coming, more shorting and algo selling pushed it back to $0.70 range
- Naysayers muttered “pump and dump” but ongoing buying of what the algos were selling pointed to insiders not cashing out but buying up
- Yesterday was unlock day, when all hell was set to break loose and ‘the dump’ was due – only it never happened. In fact, the day ended with the stock rising
So where are we now?
Look, I’m the first guy to shit on deal guys who rug pull retail investors the moment they get a chance to cash out, but everything I’ve seen here has told me the deal guys have been fighting the good fight.
Yes, the last two days have seen massive trading volume, 6 million shares traded per day, so clearly someone with a big stake wanted to get out – but the selling stopped at 60c, not the 20c of the big PP. And since then..
Where is your pump and dump talk now?
I bought more a few days back at 68c, more today at 72c and 82c, and I’m confident those levels wont be seen for some time.
Financials are due and, if people still want to crap on PLUR, they might fuel that for a day or two. Promo spending has been added to the balance sheet since the last financials, so there’s going to be nuance there, but I’m not worried long term.
All the things this crew said they would do – re-org debt, add to the board, add advisors, bring in new contracts, not raise money at the first opportunity – they’ve done.
And all the things people assumed they’d do to wreck the deal, they haven’t.
GREEN LIGHT.
— Chris Parry
FULL DISCLOSURE: Not a client. Plurilock was a client several years ago and I have advised management infrequently since then without payment. I do hold stock and continue to buy on the open market. Consider me conflicted, but consider where I’m putting my cash.