Yesterday, MRV Communications Inc. (PINK:MRVC
, MRVC message board
) opened the massive trade. Just for a day, the company managed to trade
over 7 million shares, though its stock price froze up at $1.31.
The latest news by the company was released on Oct 24, when MRV reported they have revised the date of their previously announced $75 million special dividend. According to the announcement, the dividend would now be payable Nov 10, to stockholders of record as of Nov 2. In addition, the Board of MRV has approved a staggered cash payment to option holders equal to the loss in fair value of their options attributable to the dividend.
The news sounded rather promising to the company's shareholders and it brought the gain to MRV at once. Though, it is not certain which way MRVC will take today.
MRV Communications is a leading worldwide supplier of communications equipment and services to carriers, governments and enterprises. The past couple of weeks were full of positive press releases by the company, however, these did not influence its stock price that much. Especially when considering that it has been falling down progressively since the beginning of this year.
Regarding the financials of MRV, as of June 30, this year the unaudited report shows the following:
* $1.8 million net loss
* $68 million revenue
* $152 million cash
* $323 million total assets
* $84 million current liabilities
* $1.2 billion accumulated deficit
Some of these numbers don't look so bad, however, they are not able to attract traders that much. Whether the special dividend will change the chart position of MRVC is still to be seen.