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I hate to say I told you so but Y'all hated me when I gave my opinion about the Reverse Split months ago. You all deleted my posts because it was "negative" and now look. I'm sorry to say I was right!
Than why are you not on the bid showing some size at .0032? ummm ahh hummm...
Well, we can't sell the stock now if we wanted to so we're sort of stuck. We'll have to see what the company does. It is what it is my friend. Good luck to us all!!!
I've been around here since april. I read every post. If this company purchased a shell to list, ask yourself this... why would they buy a shell and retain only 50% (about, and less after a capital raise) ownership after the share exchange when they can go public with a form 10, say and keep all of it. (less a capital raise) The answer is simple. 1. the shell route is much cheaper and 2, they can reverse and issue shares to whom ever they want and get their % ownership back. It's the only logical corse.
I've invested in many PIPE's. Most were shell deals and EVERY shell deal did a reverse. The reason... Because after the PIPE, on a fully diluted basis, if the shell was not reversed, the principals would end up controlling much less of a % than they desired. And looking at the L2 now, this is the closest it looked to this scenario in a long time. I'm holding a lot of stock, never sold all they up to the 6's. and for the first time after all the fantastic DD on the board, I'm nervous.
Good luck GLGT. I hope I'm wrong!!!!!
Down to 20K shares on the bid. Nobody wants to own this. It looks like the MM's are leveling their position in anticipation of a reverse. They don't want to support any more. Only sell. And most of them have even dropped off the box.
Scary is what this is. Has anybody looked at the L2 today? Lost MM's and there is only $1,000 worth of stock on the bid before it goes to trip 0's. To me, it looks like game over. Hope I'm wrong.
Best volume in about 10 days. Who knows... Maybe tomorrow could be a good day for GL.
There was never any DD on any audit. I've been asking for quite some time now and I've been trying to contact ANYBODY at the company with no luck. Not sure how everybody else seems to be speaking to people there.
Yes, and Yes, We know that somebody purchased the GLGT Shell. We also know that a company named Global general technology did a name change to turbine aviation company. There are pieces that you could force together but at this point they don't 100% fit.
We also have no proof that anything was submitted to FINRA pertaining to a merger with the GLGT shell and multiple aviation companies.
It's all still speculation. And by the price of the stock, current shareholders are beginning to doubt the speculation.
Are you saying that a share exchange agreement has been signed? If so, how do you know this?
You also mention Audited financial statements... How do you know they are being audited? Who confirmed this?
Looking forward to your reply, this is HUGE!!! The Biggest news yet.
It says 5-25 correct? not 15-25.
Good morning, Just FYI, I see a pre-market quote of .005 by NITE offered at .0065 by CSTI. 10K each side.
Sure it can. Doesn't matter the dollar volume. In fact a low dollar volume trade just makes it that more obvious.
I can attest to the fact that if their books are clean and organized, it would not take more than three months. Four possibly because it is potentially a multiple merger. If it takes longer than that, than there is a problem. The question is when did they start? If this shell was purchased for this transaction than it should have been in the works already at that time.
Y, Hype can only get you so far. There is no support. In order for this to take off, there has to be knowledge of at least an auditor. There has been plenty of time to complete an audit since the shell was purchased so I'm not sure that this is going to go through. And if it does, there may not even be an announcement since it's a non reporting pink.
We'll see though. I hope I'm dead wrong. But with a 20% spread, it's currently not that attractive.
It does not matter who the auditor is at this point. What's more important is DO they have an auditor? Will they be reporting? That is the key question. If they have an auditor than the rumors of the merger could be validated. It's such a simple question, I've called many times every number that was posted with no luck getting anybody on the phone. So many people have claimed to talk to the Co.
They should call back and ask... "Do you have an auditor"? Who is it? If they get a name, you can validate everything here.
So many people claim to be very savvy here but nobody asked that question to date. If I have a number to call where I can get somebody on the phone, I'll gladly do it.
I agree with you to a point. However it's always joint supply / demand issue. If the MM's wanted it down, they have a great opportunity to bring it to the 2's with the spread where it is. That would cause a selling frenzy. It DOES, I have to admit LOOK like a possible short but these shares are not able to be hypothecated so that forces me to believe it's not and more of them filling orders. We'll see.
Honestly I'm more concerned about the fact that all these conversations with the company, nobody thought to ask who their auditor was.
Like I said... 3's.
Very possible however, look at the spread. Shares are being sold by sellers on the offer. That shows the supply out there. Unless the demand catches up to the supply, we'll be looking at the 3's again in a matter of minutes.
There is more than one person on this board who has been in contact with the company. For the life of me, I can't figure out why the most obvious question has not been asked... "Are you in the process of being audited, and if so, who is your auditor". The company SHOULD answer that question without hesitation. That will tell us a lot.
Gotcha. Thanks.
No worries. Yes reflects the shell status. If anybody can tell me how to upload a .pdf here I'll gladly do it.
Interesting turn of events. So I just wasted $20.00 for that BS Reuters report. It basically states a big "goose egg" for everything. Also, i was surprised to see those recent Form D's show "0.00" in sales and a $100 million offering? I'm not sure, but they are prior to the $5-$25 million stated Form D? Can anybody verify?
A it was all BS Hype or B It's never going to happen. Take your pick Southern.
Hello Bundeweher, I've brought up legitimate "caution" points that happen in almost every RTO. It's very rare that one as in described here would be completed. ie. no reverse split, no debt conversion spiral, etc. If the contingencies I bring up do not happen, all the better!
I've never made one negative bashing post. I just stated possibilities that should be considered.
All I'm saying here is the hype and pump is not necessary and could ultimately do more bad than good in the long run. It's not needed. If the company does what everybody here seems to think they will do that fantastic. No need to pump it. The stock will take care of itself.
I know, An 8K would be huge. I'm wondering where he hard that? Think I'll get a reply?
This is the first I've heard that they are even preparing an 8K. That would be great news. Where did you hear that?
I post constructive points about dd and get criticized, I post advice about regulator liability and get criticized... You're all right, I'm wrong, Pump it to the moon!!! GO GLGT!
Oh and P.S... What good has it done so far? Stock's not moving and today's a great example. Probably 90% buying and all your'e doing it buying somebody else's shares. You're not creating any demand in the market. All you're doing is creating more risk for current shareholders and yourselves.
And YES... You do have to disclose that you own a position if you are pumping, hyping, promoting, etc., a stock so that anybody else (new readers or otherwise) reading knows that the posts are not "without bias".
So If I'm the one pumping here, I'd make dam sure I could back up everything I'm saying ie... "I spoke to the company", "I heard a rumor" "It was leaked" etc. Because you may in the future be asked... By Who, What, Where, When, in a very unpleasant room somewhere.
Tell me about it. I'm using quotestream.
It's either 1. Merger happened, 2. reverse split or 3. Quotestream is receiving some bad info from the OTC markets. It's not the only stock now that I see it happening to so I'm going to go with #3... For now.
Is anybody else seeing this GLGT Level II? I'm showing .0132 bid X .0192 offer. This can't be correct can it? I know it's after hours but this is strange.
Also check out RAFA... This stock closed at .14. Now showing 18.61 bid X 18.68 offer. I even restarted the quote system.
Can anybody else confirm these for me?
Really? Did you speak to somebody and find out that the convertible debt was forgiven? Have you seen any financial statements?
But we have established that the co does NOT have to file an 8K (super or otherwise) so what do they actually approve? There is no document to approve.
And I ask again, does this have to be approved by anybody? They are non reporting. That fact alone dictates that there is no 8K required. So... that being the case what is there to approve?
Hello all, I'm not sure that finra has to approve this merger, or that the co has to put out press or an 8K. Remember this is a non reporting company. Are there any facts that were posted to show that they are required?
All U.S. “reporting” companies are responsible for filing
Forms 8-K. This is not a reporting company. At least... "Yet". I have not read to date that they have an auditor and plan to report.
It's not really putting the cart before the horse because the reverse would be announced with the SEA. It would create a selling frenzy. (if they are going to RS that is) If the SEA is announced W/O a RS, It will be lightning striking IMHO.
Currently there are 803mm and 246mm OS and FT respectively. It is aprox 30%. That's a big % of the co to give up. The smart financial move for them would be to RS, issue, than promote / road show to build liquidity and sell out their offering.
Again, I hope I'm wrong but that is the logical move for them.
You're right. It's double edge sword. The would loose liquidity, but than again, there is really no liquidity now. Aside from spikes, the stock only trades what an average of $40,000.00 per day and given the price is stagnant, it's about 50% selling.
If there were only 10% of the shares in the float (aprox) I would agree with you. But this float is about 30% + and that's a big number to give away. Plus the Form D for $25mm. that alone will push them well below the majority stake and right out of the gate, they'll be reduced to say 40% stock ownership at best. And that's assuming their numbers are on the larger side of the "$5-25 million".
They can also do issue employee incentives like ESOPS but again with the float so large, it seems counterproductive. From where I'm sitting, a RS seems like the smart move for them.
I hope I'm wrong but we'll see.
Definitely not. If the company wants a more favorable share structure for themselves, they will just do a RS. Why would they waste corporate resources buying shares when at this stage they can basically just take ours for free?
MATERIAL non public information like factual forward events would qualify as inside info but the key questions to ask are:
1. Do you have an auditor and if so, who is it? that would tell us if they are going to go forward with any filing and become a reporting company.
2. Ask as a potential investor if the form D has been sold out. This is key as to the outstanding. And ask what the units are comprised of.
3. Ask if they plan to announce the name change to the OTC.
These are questions the company should answer without hesitation and they tell us a lot.
I've made numerous calls on both these issues and never received a call back.
Unless I'm wrong, I don't think they have to file anything being a non reporting pink as this point. However it would only be in their best interest to do so IMHO. Still worried about a RS.