For all NVOB shareholders (doesn't matter who's your broker):
Just finished talking with two different gentlemen from Scottrade. I've described everything to Brandon (the first guy) & requested him to find out when the converted-shares would come in. He told me, "There is no set date". I continued, " I called about 2-3 weeks ago, and another gentleman told me that the back office of Scottrade "is working on it" and the converted shares would be out in about a week or two. Again, he stated, " I don't see a set date here...but I'm seeing a TA for this company". So then I asked him to help and try to find out. He placed me on hold and ~ 5 minutes later another gentleman from St. Louis (Headquarter of Scottrade) asked me to re-verify my personal info. The second gentleman answered all my questions:
He said that, "NVOB is an OTC stock and generally it would take longer to get the converted share deliver.There is only one clearing house taking care of this situation. They're (I assume he's referring to the brokerages and clearing house) trying to work with the company to resolve the DTC eligibility so that there would be no electronic transferring & clearing problems - So that you guys could trade it freely...On Nov. 21, they tried to contact the company to resolve the problem. Again, they posted another request on Dec.19. I'm seeing 3 different directors listed under this company...This is a S. Korean Company & I have there phone number if you want?"
He then explained to me the whole DTC Eligible issue (I already know about the subject but didn't want to interrupt him because I think it's rude). He said, " I assume the company will have to fix this problem so there will be more liquidity...if they plan to raise capital later on". He told me to contact the company to ask questions.
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My views: Damn co. They need to pay some $$$ and get this security to be fully “DTC-eligible” ...so the stock can be electronically cleared and settled through the facilities of DTC.
- Go NVOB
Disclaimer: Alcohol is for those who could afford to lose some valuable brain cells.
