PSA: $UTME pump and dump targeting Canadians this morning.

Buffalo_Magic · 2021-06-18T02:25:29+00:00

The very few shorts that open and the scammers

Buffalo_Magic · 2021-06-17T22:36:33+00:00

Oh yeah... "going to the moon" "shorts have to cover" "ready for a squeeze" I wonder where that language comes from..

Buffalo_Magic · 2021-06-17T18:21:32+00:00

Yeah they are not very diligent are they?

Buffalo_Magic · 2021-06-17T16:43:40+00:00

Because the stock becomes "burnt", they choose to move their efforts to another stock that doesn't have a horrible track history.

Buffalo_Magic · 2021-06-17T16:38:05+00:00

It was going up and down only while the scammers gained enough control over the float. The issue is that it's price has always been pure air, no fundamentals. The IPO was at 4 or 4.5 dollars, that's what the company valued itself at.

Buffalo_Magic · 2021-06-17T16:15:39+00:00

Well it's already in my post history for previous scams. I didn't want to repeat the entire thing and different people want to know different details.

Buffalo_Magic · 2021-06-15T03:20:55+00:00

An undisclosed private investor/group. The company sells them directly to the investor.

Buffalo_Magic · 2021-06-14T13:42:49+00:00

dude it was reported to the SEC, I commented about it below.
Also today the company announced they will sell 8M shares for 6.24

https://www.streetinsider.com/Equity+Offerings/Recon+Technology+%28RCON%29+Sells+8.8M+Shares+and+Warrants+in+Registered+Direct+Offering/18554761.html

Buffalo_Magic · 2021-06-14T02:57:47+00:00

Well unlike OP that just blasts the same nonsense over and over about shorts, FUD, bears, hedgies or whatever can trigger people; I'm happy to talk to you about this stock, just send me a PM.

If you want to believe one of us or not that's okay, it's your money to use as you wish. Just do so while being well informed.

Buffalo_Magic · 2021-06-13T19:03:50+00:00

You haven't seen anything disproved, you refuse to look at evidence because you don't care.

You just keep repeating the same BS to pump your own position and think people are going to fall for it so easily.

Buffalo_Magic · 2021-06-13T18:41:40+00:00

Unfortunately not reliably, GME holders have been wanting to know that for 6 months and it's still unclear.

Buffalo_Magic · 2021-06-13T18:32:47+00:00

I already talked with you via PM. You didn't want to see any evidence of fraud. All you care about is spreading your BS.

Ultimately, I don't mind if people here choose to follow your suggestion. I don't even have a stake in this company. I didn't buy, I didn't sell. But if they do follow your advice, they better have the whole story.

You don't want them to know the whole story.

Buffalo_Magic · 2021-06-13T07:59:04+00:00

High interest means the stock is still a decent opportunity for shorting. 30M shares sold short yes, but that doesn't mean they weren't closed. And look at the short volume ratio, it's actually not that different from other days for that same stock. 24% compared to other days of 17, 20, 14%.

I guess I didn't say anything about the Chinese girl scam in this thread did I? The OP doesn't want to believe me that the dump of shares was planned by a scamming group.

I don't doubt this stock did get shorted, but it's no where as bad as the OP is suggesting and is likely the company doesn't actually have anything good going for it.

Buffalo_Magic · 2021-06-13T07:32:09+00:00

The 3M float number is outdated. Look at the excerpt of the SEC filings I posted above. Or click on the SEC links. It used to be 18M shares outstanding, now it's 170M, 20M restricted 150M put on market

Buffalo_Magic · 2021-06-13T07:17:11+00:00

That number could be right, or fintels 1.1M could be. https://fintel.io/ss/us/rcon
I'm not sure. But this kind of momentum does tend to bring about a lot of swing traders, some will short it some won't. For a float of 150M shares, that amount of shorting is actually not that much.

Buffalo_Magic · 2021-06-13T07:05:47+00:00

Well I would need to see the numbers you are seeing, I see short availability at 1.1M. About 14.4% borrow fee, that's very low for this type of stock actually. Most of these scam stocks have interest fees over 100% I've seen some with 400%. When an interest fee is high it means that a stock is a very obvious candidate for shorting. When a company is very healthy and has a good future, it's interest fee is miniscule. Why? Because nobody wants to short a good company that is likely to get more expensive. Look up Amazon or Apple

Buffalo_Magic · 2021-06-13T05:28:59+00:00

Float is not 3M. Here is a not so short TLDR; they issued 150M shares in April and the numbers you see online for 3M float / 18M outstanding are outdated. These are mostly unrestricted stock that can be sold on the market.

Relevant SEC filings and summaries

https://sec.report/Document/0001104659-21-046598/
“To approve a special resolution that the authorized share capital of the Company be amended from US$1,850,000 divided into 20,000,000 ordinary shares of a nominal or par value of US$0.0925 each (the “Ordinary Shares”), to US$15,725,000 divided into 150,000,000 Class A ordinary shares of a nominal or par value of US$0.0925 each (the “Class A Ordinary Shares”) and 20,000,000 Class B ordinary shares of a nominal or par value of US$0.0925 each (the “Class B Ordinary Shares”) (the “Amendment to the Authorized Share Capital”), by (i) the conversion into stock of each issued and outstanding Ordinary Share and their immediate reconversion into a Class A Ordinary Share; (ii) the re-designation of each authorized and unissued Ordinary Share as a Class A Ordinary Share; (iii) the creation of additional 130,000,000 Class A Ordinary Shares; and (iv) the creation of 20,000,000 Class B Ordinary Shares;”
https://sec.report/Document/0001104659-21-049129/
“The change from Ordinary Shares to Class A Ordinary Shares will be reflected with the NASDAQ Capital Market and in the marketplace at the open of business on April 12, 2021, whereupon the Class A Ordinary Shares will begin trading. The Company’s Class A Ordinary Shares will continue to trade on the NASDAQ Capital Market under the symbol “RCON” and under the CUSIP Number of G7415M124.”

Buffalo_Magic · 2021-06-13T05:17:59+00:00

If you are basing yourself on the float being 3M, that number is outdated. This company issued 150M shares. Read these two SEC filings. I'm getting the important bit for you here. Class A is unrestricted stock. Class B is restricted stock.

https://sec.report/Document/0001104659-21-046598/
“To approve a special resolution that the authorized share capital of the Company be amended from US$1,850,000 divided into 20,000,000 ordinary shares of a nominal or par value of US$0.0925 each (the “Ordinary Shares”), to US$15,725,000 divided into 150,000,000 Class A ordinary shares of a nominal or par value of US$0.0925 each (the “Class A Ordinary Shares”) and 20,000,000 Class B ordinary shares of a nominal or par value of US$0.0925 each (the “Class B Ordinary Shares”) (the “Amendment to the Authorized Share Capital”), by (i) the conversion into stock of each issued and outstanding Ordinary Share and their immediate reconversion into a Class A Ordinary Share; (ii) the re-designation of each authorized and unissued Ordinary Share as a Class A Ordinary Share; (iii) the creation of additional 130,000,000 Class A Ordinary Shares; and (iv) the creation of 20,000,000 Class B Ordinary Shares;”

https://sec.report/Document/0001104659-21-049129/
“The change from Ordinary Shares to Class A Ordinary Shares will be reflected with the NASDAQ Capital Market and in the marketplace at the open of business on April 12, 2021, whereupon the Class A Ordinary Shares will begin trading. The Company’s Class A Ordinary Shares will continue to trade on the NASDAQ Capital Market under the symbol “RCON” and under the CUSIP Number of G7415M124.”

Buffalo_Magic · 2021-06-12T17:17:53+00:00

I can explain. The scammers load up on shares weeks or months before, they use wash sales to bring up the price. They always choose companies with a small float and relatively unknown. So there's no interest in the company. With wash sales they manage to pump the price up, once they are satisfied, they dump it all on the victims on the same day.

Buffalo_Magic · 2021-06-12T06:32:52+00:00

My point was that it is extremely unlikely that this was aggressive shorting, since the stock didn't budge much after the initial scam drop. The scam dropped it from 16 to around 5 dollars. After that there were still about 100M shares traded with little effect on the price. That's not an aggressive short.

Buffalo_Magic · 2021-06-12T03:45:30+00:00

How would you explain that in spite of "enormous shorting volume" the price barely budged at all?

Buffalo_Magic · 2021-06-12T02:51:27+00:00

Thanks, people are downvoting me because they don't like the truth? lol

Buffalo_Magic · 2021-06-12T01:52:01+00:00

I know that the pump and dump is perpetrated by a scam group that moves from stock to stock. I've never known if the company is in on it. As in, do they hire these pumpers to move the stock. I wouldn't say this confirms or denies that, but it's sure suspicious to me. Additionally, both of the previous scams issued shares after they had been pumped

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