At market’s open yesterday the share price made another attempt to reach the value given in the company’s press releases, though the number and the willingness of the buyers were again insufficient for a four-digit jump up. At the end of the day, BTDG closed at $0.0021, still 16.67% up from the previous close.
Yesterday afternoon the company said that its Board of Directors accepted the offer of $0.04 per share from Sino-Can Industrial Holdings Group Ltd. for all outstanding shares of B2 Digital, Inc. Thus, the search for the fair value of BTDG stock seems finally over, at least in BTDG’s PR campaign.
The initial offer from the middle of September was for a price of $0.15 per share, though it looks like the acquirer recognized that this value was reached on two disclosed stock promotions. The price range of the offer got then substantially lowered to $0.04 for a share, and the investor required also the NI 43-101 geology report for the property that the company acquired through a joint venture agreement in September.
The report was published on the OTC markets homepage, but it was not considered that trustful by traders and B2Digital’s attempts to convince Sino-Cam that the share price dropped so dramatically on the massive shorting activity and to get a $0.10 share price for their stock failed completely.
The quality of the acquired mining property and the future value of BTDG future business remain highly questionable as the company is not registered with SEC anymore. Though, in the meantime it was announced that the already huge number of shares outstanding would grow further through the grant of a stock divided. The company said that it would issue ten shares of common stock for each held one hundred shares, payable date was supposed to be November 5, 2010.
