Yesterday, the potential new favorite JAMN made another magnificent 20.97% jump up and closed the day at $0.75 for a share. The future profits and even the future financing of Jammin’s premium roasted coffee business are still written in the stars, so is thus the reasonable price of its stock. But the room for speculations is welcomed by the shorting part of the stock market. Yesterday, over 443,000 shares have been shorted, which makes up over 74% of the total trading volume.
Meanwhile, there are at least three people who must have seen their investment in JAMN stock gain value these days. According to the SEC filings from January this year, the former President, Director and beneficial shareholder of Jammin Java Corp. Mr. David O’Neill was not one of them. He could unfortunately not exit the story at very favorable terms, at least from today’s point of view.
In December, he sold 12.9 million shares of the company to one of JAMN present directors for the total amount of $3,000, meaning a price of $0.0002 per share, canceling at the same time another 24 million shares that he owned previously. Also in December, JAMN current President purchased 1 million shares, also from Mr. O’Neill, in consideration for $12,500 or $0.0125 per share.
Again in December, Shane Whittle, another former President and Director of the company, also canceled 4.9 million owned by him shares, and currently still holds 2.5 million shares of JAMN common stock. Insider holdings are usually a positive signal, but in that particular case the situation is somewhat strange.
