Shares of Liquidmetal Technologies Inc. (LQMT) are heading close to their 52 week low today after hopes of another Apple cash injection have all but drifted away. The one-time multi-million dollar injection from the iPhone maker a few years ago had ignited optimism that another one might come when they extended their agreement a few months before launching their newest products. LQMT stock is liquidating hard today and could spell the beginnings of a descent into the abyss unless some insiders start acting soon.
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LQMT Stock Chart
Market Cap: 34.32M
Last: 0.15, down -0.03 (-18.03%)
Volume: 2,611,052
Dollar Volume: $402,342
High: 0.175
Low: 0.1455
Trades: 263
Average Trade Size: 9,927
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There is a tremendous amount of love for this penny stock and for good reason. Many investors have held shares in LQMT for over 5 years. They have a great product, it’s proven to be attractive since not everyone gets $20 million from the Steve Jobs run Apple. Unfortunately thought, their finances are just in such an array that even if “Clean House” was to go in, there isn’t much you can do to stop a sinking submarine other than batten down hatches.
Last week, Liquidmetal Technologies filed their S-8, 2012 Equity Incentive Plan, which called for the registration of 30 million shares to be offered at 0.22 per share. Granted the offering price was calculated on average of the average of the bid and asked price within the 5 business days prior to the date of filing, the Company desperately needs cash.
On July 2, 2012, they completed a private placement worth $12 million in Senior Convertible Notes which, on August 30, 2012, elected to make its first monthly installment payment in shares of Liquidmetal common stock, 5,059,163 shares to the five holders of the Notes in satisfaction of the $1.24 million monthly installment payment. This dilution could very well become a standard procedure unless the Company can quickly derive a method to begin booking better than $196,000 total revenue numbers for Q2 and beyond.
About LQMT Stock
Liquidmetal Technologies, Inc. is a materials technology company that develops and commercializes products made from amorphous alloys. The Company’s family of alloys consists of a variety of bulk alloys and composites that utilizes the advantages offered by amorphous alloys technology. The Company designs, develops and sells products and components from bulk amorphous alloys to customers in various industries.
Bottom Line: LQMT saw its time as one of the hot penny stocks when Apple courted them and took them to the homecoming dance with a $20 million check. Until they can get their revenues numbers up significantly or a large lump-sum payment again, LQMT looks to be doomed for the penny teens or lower.
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