High Performance (OTCMKTS:TBEV) Drops To $0.001
Out of the last 8 sessions the stock of High Performance (OTCMKTS:TBEV) has managed to close flat two times, register six sessions of considerable losses and not a single green one. Yesterday the company wiped another 9.09% of its value and currently it is sitting on the verge of the triple-zero territories once again. Compared to its close of $0.0023 on September 17 the stock is currently over 56% lower.
The fact that the downtrend displayed by TBEV began on September 18 may seem quite strange. After all, on that day the company announced the official launch of their High Performance Sports Drink. Finally having a completed product that is available for purchase not only through the corporate website of TBEV but also on Amazon.com is truly massive. TBEV‘s Performance Punch was even awarded with #1 best seller in the category of Sports Nutrition Endurance & Energy Drinks.
Such achievements should be enough to push any pennystock to new highs up the chart. Unfortunately the red flags surrounding TBEV are equally as serious. Between February and June the company issued more than 2 BILLION shares. 1.1 billion of them were conversions of debt and were priced at $0.0005 each. The people who received these shares could still reap massive profits even at the current market price of the stock.
The rampant issuance of shares, that came right after a 1-for-10 reverse split, brought the number of outstanding shares to 2.25 billion out of the 2.5 billion authorized. That is why TBEV decided to double their authorized amount up to 5 BILLION shares. Is the dilution coming to an end? With $2.18 million senior convertible notes outstanding as of April 30 and the information from the recently filed 8-K form we will leave it up to you to make your own conclusions.
The company has been talking about finding a long-term financial partner that should provide them with the necessary working capital for their needs but so far no concrete information has been disclosed. Moving away from the toxic funders is of vital importance, otherwise the crushing dilution will continue to depress the stock downwards.
