When you’re able to convert a factory produced automobile and turn it into a bad ass, eye catching beast of a vehicle, many investors would believe that buying you stock would be as equally bad ass performance wise. Such is so far form the case when it comes to Saleen Automotive Inc. (OTC PINK: SLNN) whose shares are not just down, but down -68.42% over the last three months, -97.76% since the start of the year, and it could get even worse. With some thinking SLNN stock is an easy buy at these levels, especially after their Q filed earlier this month hinted toward the introduction corner having been turned, the 5X increase in AS last night can only flatten the tires even more so than the already running on fumes ticker.
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Saleen Automotive, probably only comparable to what Chip Foose’s “Overhaulin” or Richard Rollins’ “Gas Monkey” can do, is an icon in the American muscle car circle having long been a specialty manufacturer of high performance vehicles, technical performance parts, lifestyle accessories and apparel. While the shirts and coffee mugs might not be the top choice, automotive enthusiasts have for years followed Steve Saleen, founder of the Company, who has continually and consistently set the bar for automotive design and performance engineering in both street and racing applications.
If only the business of Saleen Automotive could be found in the performance of SLNN stock whose shares last saw .01 in May and has had a hard time putting the brakes on over the last year, sliding from above a dime per share to now 166 shares for that same dime. Having had just 489,959,781 shares issued and outstanding as of August 17, 2015, the future looks even more oil slicked after last nights after market filing.
At 5:20PM EST on Tuesday, Saleen Automotive filed a Schedule 14C amending the Company’s articles of incorporation to increase the number of authorized shares of SLNN stock from 500,000,000 to 2,500,000,000. Following a Q filing whereby revenue decreased to $1,591,989 for the quarter ended June 30, 2015 from $1,697,377 for the quarter ended June 30, 2014, a quarter which ended with cash on hand in the amount of $85,406, the “we will need and are currently seeking additional financing to fund our operations and development” is not good for SLNN believers.
Find out more about SLNN shares here: $SLNN
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