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On March 10th, Celsius Holdings issued a press release announcing that the company had "converted to common stock approximately $5.1 million of its convertible debt and all of the remaining preferred shares."

The bulk of the conversion was done by CDS Ventures, a Carl DeSantis company, which converted $4.5 million of the $6.5 million outstanding balance of its convertible debt to common stock (conversion price of $10.20) and also converted all of its series A preferred shares. Another un-named holder of convertible debt also converted over $600,000 for just below $3.50 a share.

According to CFO Geary Cotton in the PR, the company now has 18.4 million shares outstanding, not including outstanding options and warrants, and has only $2 million of convertible debt remaining.

All of this conversion activity has had little impact on the CELH share price, as the stock continues to trade for right around three bucks, a level where I believe the Celsius 'Get Bash Crew' likes the stock to trade, judging by the more chipper tone of the bashers of late, although these guys are still working overtime and through the night to ensure that any prospective new CELH buyers are greeted with only the pessimistic view of Celsius Holdings and its stock.

With all the recent debt conversion (some of it for over ten bucks per share) and with Pentwater Capital possibly continuing to accumulate shares, an intriguing storyline continues to develop for the company that boasts the world's first calorie burning beverage, and with all the time being spent on the message boards by a few individuals, it's safe to assume that there's a lot of money at play to make it worth that much time on a computer and out of the sunshine.

Significant revenue growth is being realized, distribution is growing, as is awareness, and for three dollars a share an investor could buy into a company that is primed to make a big splash in the healthy beverage market at a time when all consumer trends are pointing towards health consciousness.

CEO Steve Haley has predicted that the realized revenue growth of 2009's fourth quarter would continue well into 2010 - and in my opinion, it's worth tuning in to see if he's right, although each investor should conduct his or her own DD and come to their own conclusions.

Celsius is not out of the water just yet; it'll take a few more quarters of significant growth to cement this company as a big player in the beverage industry, in my opinion, but 2010 could be the year that we find out just how big a player Celsius can be.

Click here to view Celsius Holding's Fiscal 2009 Earnings Call Transcript.

Disclosure: VFC is long CELH.

Source: Celsius Holdings' Intriguing Storyline Continues