IWEB closed Friday’s tradings session at $0.175 with a 3% higher share price and a higher than the average trading volume of 812,000 shares. Apart from the improved again liquidity, the success of the new stock promotional campaign is still far away from that observed last September and October. IWEB share price has so far not managed to break up its sideways movement and even the volatility has not been expanded to provide traders with a chance for considerable gains.
According to the promoters’ disclosures, one can assume that this new advertising action for IWEB stock has been compensated with a total of $170,000 in cash, paid by a third party. The promoters have also been given shares of common stock, though it looks like that shares have been sold by now.
The annual report filed at the end of last year was not a surprise for the market and the company has yet to justify its market value. IceWeb assets have decreased and the revenues for the three months ended September 2010 were less than half the revenues from the previous quarter.
Though, as anticipated on hotstocked.com last year, it seems like dilution has already become a fact. A registration statement for new shares of common stock was filed two weeks ago. The amount to be registered exceeds 26 million, 18 million of which already issued and 8 million issuable upon exercise of warrants with an exercise price of $0.4 per share.
With the new shares, IWEB has now more than 146 million shares, not counting the additional dilution potential from the 626,667 shares of convertible preferred stock and the stock options to purchase another 8 million shares of common stock.
