CGYV is trading rather poorly despite some pretty awesome numbers.
There were 7 million shares that became free trading as a result of the recent registration statement.
The majority of those shares were priced at $2.18 in the $8.5 million financing.
I made the mistake of assuming the majority of those shareholders would look at the numbers and be patient enough to look for much higher levels.
As it stands today, I was wrong. A lot of these funds are under quite severe pressure today to raise cash at any cost, and clearly CGYV has been vicitimized by a little short sighted pressure.
I believe there might be as much as 1 million shares for sale out of the 7 million that were registered.
In light of the continued pressure, I would guess the stock might trade as low as $2.10 to $2.20.
Therefore, I you are considering a purchase as the stock gets cheaper, I would consider waiting until it is clear the supply is exhausted.
If you are concerned about the reversal in the stock and the pressure, sell it and get out.
I would set the SSL at $2.