{"id":5271,"date":"2014-11-26T15:15:21","date_gmt":"2014-11-26T15:15:21","guid":{"rendered":"\/?p=5271"},"modified":"2014-11-26T15:15:35","modified_gmt":"2014-11-26T15:15:35","slug":"electronic-cigarettes-intl-group-ltd-otcmktsecig-drilled-a-hole-in-the-1-floor","status":"publish","type":"post","link":"\/articles\/electronic-cigarettes-intl-group-ltd-otcmktsecig-drilled-a-hole-in-the-1-floor\/","title":{"rendered":"Electronic Cigarettes Intl Group Ltd (OTCMKTS:ECIG) Drilled A Hole In The $1 Floor"},"content":{"rendered":"\n

It hasn’t been a great year for Electronic Cigarettes Intl Group Ltd (OTCMKTS:ECIG<\/a>) on the front of share price. Right after ECIG<\/a><\/strong> filed their long awaited 3rd quarter 10-Q, well they did not really spice up the market to say the least. After an 8-month downtrend ECIG<\/a><\/strong> started this week with a dive straight through the $1 mark.<\/p>\n

On Oct 24 ECIG<\/a><\/strong> announced the postponement of their NASDAQ offering. While it wasn’t really clear why, it definitely cost them a lot. It proved to be a step which sent them into a seemingly unstoppable fall and they closed Monday’s red session at $0.98, a 22% drop. Right now they are nearly 95% below their 52-week high of $18.80 that was registered back in March.<\/p>\n

Yet another reason for a headache for ECIG<\/a><\/strong> regarding the postponement is the share purchase agreement they entered into with Ten Motives on May 30. If ECIG<\/a><\/strong> closes the deal it will have to pay $1 million just for having extended the closing date from July to September, and, of course, it would be even worse now that September has come and gone. ECIG<\/a><\/strong> would also have to pay $16,129 for each day of October (approximately $500,000) and $16,667 for each day of November that the listing hasn’t occurred. Again, that would be the case if ECIG<\/a><\/strong> got listed and closed the deal with Ten Motives. If those things don’t happen, and the deal falls through, ECIG<\/a><\/strong> will only owe a $350 thousand break-up fee.<\/p>\n

If it comes to that, the $350 thousand wouldn’t really break ECIG<\/a><\/strong>. The aforementioned 10-Q contains among others:<\/p>\n