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No they don't. It only has to be "approved" IF shareholders hold a majority of shares,which is basically never in the OTC. Hell,you now have CE stocks doing RS's in the last couple of months. Some tickers will do TWO reverse splits in one year.
FINRA will process the splits and give the RS ticker the "D" designation for 15-20 trading days.
BTW,no recent reverse splits? All of these reverse splits have been in the last 7/8 days. Jan thru March/April is RS season. It slows to little or none by summer.
MXMGD
MSRTD
POETD
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Somebody other than them have to approve it!! It's a reason why you haven't seen any recent RS'S!!
OTC Markets has zip to do with approving a RS. It was approved by Smith and the BOD. FINRA will post the information on it's site as they process it.
All of the information I have discussed has been posted publicly. I am addressing questions in regards to the already public information. There is not an approval required by OTC, it’s a process.
No disrespect but are you allowed to discuss your stock in such detail?? Did OTC markets approve your stock split??
SPO Networks is required to provide a 15-day public notice prior a sock split, the day of the notice does not count, weekends or holidays do not count. I expect the split will occur on the 16th day after the notice of 2-22-22 which is March 16, 2022.
The comments on this board have been helpful.
The market is speaking!! Up, up and away!!
LOL...I'm just posting what's on page 5 of the agreement. How many shares does that say?
The redemption was agreed on on 2/21/22 according to the PR. So that's 3/8/22 when counting 15 days. The split isn't until 3/14/22. Tell all of us just what is the date the "redemption is authorized" as stated in 1-1.1
BTW...sorry but I don't agree that taking 999 shares away from shareholders for each 1000 owned is a good thing.
Know this SHAREHOLDERS...the stealing of 999 shares for each 1000 OWNED by you is GUARANTEED.
The pps staying at the post reverse split price for more than one second after SPOI resumes trading is NOT guaranteed.
The information you pasted is not reflecting the sale information nor does it exempt the split.
This is Tom Smith CEO of SPOI. No other person has my log on.
All stock gets split, including the stock Tom Smith holds. I am unclear what your concern is? This is the deal of a lifetime for SPO shareholders. Did you look at the interest rate?
You saying the amount you get for your nearly 4B shares will be based on the POST reverse split price? The stock splits at noon on 3/14 yet your pps is based on the close pps on 3/14?
And that would be the pps that SPOI shareholders will pay you interest on for the next TEN YEARS and then also pay you that full amount of the share value (agreed upon at close on 3/14/22) on 3/14/32.
WTF?!?!?
Ladies and Gentlemen,
You can google “the minimum applicable federal rate for mid-term loans as published by the Internal Revenue Service” to get the agreed upon interest rate.
March 14, 2020 end of business will be the date and time the blanks will be filled in. This is the 15 working day waiting period required.
The retiring of the stock simultaneously with the reverse split was to demonstrate the commitment made by the CEO. I will continue to visit this site and address as time allows.
The stock Redemption Agreement is posted on OTC for your review.
There's only so much room in the brain!! Why cloud it with things you can't control?? Buy/ like, Sell/ No like!! Ha, ha!!
Ignorance is bliss.
GLTU
All stocks are manipulated!! Whoopdy Doo!!
You clearly don't see what the real issue is here.
If we were suing for not getting our way, we'd already be doing it. But you saying that shows you don't understand the potential stock manipulation done here if the RS gets canceled.
There is more going on behind the scenes here than you realize.
That would be like me saying I'm going to sue if things don't go my way!! I play the game with the rules provided!! I don't try to bend or break them!! Simple!! The sooner you realize how small we are the better your decision making will be!!
Convince him to cancel the RS and see what we will do. I'm sitting here waiting.
It is titled a convertible note but there are no convertible terms in it. Also it talks about simple interest (Does not compound) but there is no rate. Also no amounts, etc. Tom, come on man ... This is a nice blank form to be filled in but it is impossible to analyze without all of the details ...
Let's see the price increase!!
good idea, sue him....
prolly might work better to actually ask him by phone, e-mail...
lol...
Shouldn't be. The agreement was made on 2/21 and 15 days later--March 8th will be the pps agreement at close on that day per the terms of the agreement.
all they can do is learn to stay away from garbage like this....
The final signed version as stated by Tom will be finished on 3/15. I guess you will just have to wait.
Hey Okie, you seem to think there will be no shady stuff. Why not call Tom and ask him if that's the final version of the note?? We all know the blanks will be filled in and signed.
Don't you think he should post the final version for full transparency before the split happens?? TIA
Why do you think he left all the blanks?? There's no signature either...
That means that's not the final version! Don't kid yourself. He will fill in the blanks, and it will be something that will hurt anyone who still owns this POS at that time. And he knows it, which is why he posted this garbage non-final version lol. Sleezy move, but I'm watching you closely Tom. And I'm not leaving.
Let's see your fully executed note agreement.
Not usually,all shareholders get one vote per share but they would have to be over 4+ billion to even hold a vote. But...there are a special Super Majority share (just one share) that automatically give Tom...65/75/85% of all the vote. It depends on how it's set up.
It would be in the SOS if there is one.
Preferred shares have no voting rights attached to them.
Tommy Boy got those 3.9B shares when he paid off Chad's IRS debt years and years ago and got control of the ticker. You could look back on this message board for when that happened I believe in 2017. That's when it was still HLNT and I owned shares.
Updated note posted on OTC. I do not see any conversion clause. Do you?
https://www.otcmarkets.com/otcapi/company/financial-report/321664/content
Okay, Thanks. Has anyone asked Tom why the convertible note?? If not, I'll take the honor <vbg>
Hey Tom, In the headline of the PR you said you were canceling almost 4 billion shares, so why the convertible note??
Why not be a total team player and let your shares be equal to typical shareholders??......TIA from a shareholder.
It's not Tom's 4 BILLION shares that gives him control, it's his small block of preferred shares (1,000 shares I believe?) that gives him a supermajority vote over all common shares.
He GIFTED himself 4 billion common shares in exchange for his own recycling company to merge into his own public company that he owns majority of. That's just money in his pocket, not a control interest.
AKA another way for him to FREELOAD on the backs of shareholders.
This is why he can "retire" (but not really) his 4 billion shares and convert it into a note but still remian in full control. Because he owns the preferred share control block.
Nope,only has to be approved by a majority vote of shareholders. Guess who the majority is when Tom owns over 4 BILLION shares.
They are an alternative filer so they don't need to file a form with the SEC either. It will happen two weeks from today.
No. Tom can do whatever the heck he wants...
Till he gets charged by the SEC that is :)
https://www.investor.gov/introduction-investing/investing-basics/glossary/reverse-stock-splits
Is there anything shareholders can do to help put the brakes on this?? Does this have to be approved by some gov't agency?? TIA
Exactly. CEO TOM is SHADYYY af
Actually, the only thing we know for sure is that the CEO has 3.9 BILLION SHARES he wants to convert into a convertible note to protect himself from his potential 1:1000 RS
<<<Tom Smith, The Company's, CEO And Majority Shareholder Is Also Cancelling 3,965,471,162 Of His Common Shares; Approximately 47% Of The Company's Present Outstanding Shares>>>
Isn't the headline of this PR misleading??...."Cancelling" means to an investor "to get rid of" or "do away with". It doesn't mean to take out of the float and put in a convertible note. It appears lawsuits will be inevitable the way this is playing out imo.
Week ago this room was "crickets" (quiet)...now we have the CEO reading/posting...and middle eastern big money backers!
A metal recycler with pot dreams people...ca'mon.
look at the history, at the principles involved (small circle), verbiage of PR's...only thing we know for sure is a 1/1000 RS...
It's all a question of whether people here want to actually make money or not IMO....
According to his most recent PR, pursing cannabis can only happen if SPOI is no longer a pinksheet. So if the RS is canceled then it's still a pinksheet and won't be uplisted to OTCQB.
And as I said, if it gets canceled then my group will be going after him in for stock manipulation.
So take your pick.
"Even if CEO TOM cancels, his rep is TRASHED"
I can tell you this, I have some deep pocketed Middle-Eastern friends who'd be willing to forgive him pretty fast if that R/S gets cancelled. In fact they'd probably bid this up parabolically.......
If not then he will be sued for market manipulation.
3.9 BILLION SHARE convertible note for CEO. So who is raising capital? The company or himself???
WHAT ARE THE TERMS OF THE NOTE? He uploaded a fill-in-the-blank document. If it's not filled in with his signature, NOTHING is final.
Let's see the FINAL note terms!
The purpose of the stock market is to get capital!! I didn't say his purpose is to be malicious!! I'm in, so we will see!!
I do not believe the plan is to go to the shareholder for capital. (Dilution) Bringing in the profitable scrap and demolition companies was for the purpose of creating capital for organic development Tom has a very successful past in these markets. Take a look at the twitter site and the SPO web site.
https://twitter.com/SPONetworks
https://www.spoinow.com/
Also look closely at the posted financials. When have you seen a publicly traded company starting up and new business that starts out profitable? And according to PR's, the 2021 financials will be audited.
The goal is organic growth. And that is what is happening. The last press release spells out Tom's approach.
A large sector of what SPO Networks, Inc. is creating will be is organic growth. This is being accomplished by entering into new markets organically rather than entering by acquisitions."
Tom Smith is the single sponsor of these companies, there are no investors or warrants to dilute the shares.
This is not his first rodeo. He has developed several very successful businesses in the past. It is not going to happen overnight. If that is your expectation, you might want to look elsewhere.
We just need to give him a chance. GO SPO
I'll see you then!! I've got my tickets!!
Very good theory!! Best believe it's not as simple as his explanation!!
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