What penny stock goes from $0.55 to $1.10 in less than two weeks? How about the pre-merger shares of W270, Inc. (WSTY) who is just days away from finalizing their reverse merger with customized horsepower specialists Saleen Entities. From our initial coverage on the proceedings on May 30 when WSTY stock was trading at just above 0.50, traders have taken to the driving seat in advance of the official announcement which is due out before the end of the month. Receiving the SALEEN Newsletter dated June 12, 2013 (Vol.1, No. 1) by email just minutes before the closing bell, its shift gears time or get out of the way cause there’s rocket fuel in the tank of this one.
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WSTY Stock Quote
Market Cap: 8.48M
Last: 1.06 ▲ +0.16 (+17.78%)
Dollar Volume: $28,601
1st Resistance Point: 1.1693
2nd Resistance Point: 1.2787
1st Support Level: 0.8813
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We told you this was one for the record books when we alerted on the W270 / Saleen Merger back at the end of May. Seeing nothing but green since, WSTY stock is being accumulated (as it should) just 2 weeks before the deadline of the formal merger agreement signing.
Within the first alert issued by Saleen themselves to those who signed up for their newsletter, the headline tells it all for those who are already shifting gears on WSTY stock from 1st gear (100% gains) to 2nd gear:
The Summer of Horsepower
With summer officially here on June 21st, you still have time to prepare for a summer of Saleen Horsepower.
Once the deal is done, a ticker symbol change is likely, but that is no reason to be sitting there watching what’s happening before taking to the driver’s seat on WSTY stock.
While the 8 million shares outstanding is set to expand to 60,643,520 once the deal is done, Saleen Entities founder, Steve Saleen, will own more than 50%; 31,130,344. Robert J Miranda will own 150,000 while Jonathan A. Michaels will hold 125,000. The remaining Saleen Inc. shareholders will hold 11,045,125 shares while note holders should hold approximately 15,160,876.
Basically, it’s an acceptable structure to see $2 or better before the merger is formally closed and the ticker is officially changed to SLNN.
About WSTY Stock
W270, Inc., upon consummation of the merger agreement, will have the following subsidiaries:
- SMS Signature Cars, a California corporation
- Saleen Automotive, Inc., a Florida corporation
- SMS Retail – Corona, a California corporation
- Saleen Automotive Show Cars, Inc., a Michigan corporation
Saleen Inc., celebrating its 20th anniversary as a specialty, high performance vehicle manufacturer for street and track, specializes in the manufacture of vehicles for enthusiasts that include technology developed from the Saleen/Allen Speedlab race team, 8-time winners of sports car racing manufacturer championships.
Click here to view the SEC filings for WSTY.
Click here to view the website for Saleen.
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Phase I of the acceleration of WSTY stock is already completed: 100% gains for those who took to the streets early. Now, the next level of players to get involved with this incredibly thin traded penny stock, prior to the merger and share restructure, are likely to push this to the next level like XXX. At the end of the day, Saleen is going to need to use some stock to raise capital and pay off old debts and what better way to do it than with a higher share price than $1.
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