It was 16.67% minus on 200 million shares for ENTI. Who would have suspected it would get even uglier yesterday? Some people did, and they were right. The numbers from yesterday’s session were a $0.0003 close for a 39.39% drop on staggering 1 billion shares.
ENTI has been very generous with its positive press releases. Talking about working with artists like Maino and the Backstreet Boys. The market’s reaction in the previous two sessions isn’t all that positive.
It could have something to do with the fact that the outstanding shares of ENTI went from 4.5 billion as of September 30, 2010 to 7.6 billion as of December 31, 2010. Not only was the dilution huge, there are people who claim the transfer agent was “gagged” by the company. Having such history may give grounds for speculations like this one.
While it may seem traders don’t put too much faith in ENTI, if the company’s flagship website manages to attract enough paid subscriptions it could bring some value to shareholders. And they do have some exposure.
How ugly or pretty this one will go from here is not clear yet. It is evident, however, it has the potential to move on huge volumes.
