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The catch here is the $7B company is a fiction, a fairy tale told by con artist pumpers trying to steal money from anyone they can get to believe that crap. No multibillion dollar company is going to merge into a scammy stinky pink OTC stock and hand over equity ownership to a bunch of bagholders. That’s just absurd to even suggest.
SBFM looked (and still looks) scammy, like they did and offering/RS/uplist solely to get a huge pile of cash to pay themselves salaries and never do anything. That's what CUBT's first bunch of S-1/A's looked like, they weren't committing to do anything with the money in the "Use of proceeds" section except pay off that loan they got to fund the document prep and then pay their G & A. Since that got changed after the offering bombed to show what they how they were going to spend the funding (which, of course, showed they wouldn't have enough for any significant progress and would have to sell more stock), I think that was the main issue with the underwriter's clients and failure to sell the offering.
Be that as it may, they haven't said jack about it, whether they're working on it, abandoned it, not a peep, and they didn't have any real cash to advance any of their product developments. Surprised the shareholders aren't beating down their doors, not that it would do any good.
Final volume 188M...
O/S of 3M
Bankrupt company, delisted, I'd think, after today.
31 trades... all day long...
There is no interest in this stock, and there's a good reason for that. Company doesn't have the cash to do jack and has still not informed their shareholders why the uplisting/offering failed.
What a complete load of crap... Pumper math on the fairy tale of a multi-billion dollar Chinese company that decides to inhabit a scam shell and enrich its shareholders, complete with name dropping of Amazon, Facebook, etc.
Yeah, they do, and you'd think they'd have tracked the guilty down by now.
Volume is now 169M on an O/S of 3M. Imagine that....
Nope. That's backwards. His conversion PPS is $0.00025, meaning for every dollar he gets 4000 shares of stock. At $0.0025 he'd get 400.
So, a company with a decade long history of misinformation says a lender that had a conversion PPS of $0.00025 accepted 1/10th of that, just because it was "mutually beneficial."
Sure... sounds legit.
So, 300M new shares. That lender with the $0.00025 conversion price is grateful for all the pumping being done here.
Today's robot obsession is NVIV, O/S of 3M, trading volume approaching 60M as of 10:15. Here's the kicker: The company filed for Chapter 11, got a de-listing notice, and the price is up 150%....
So this company files for bankruptcy, is getting delisted from NASDAQ, and the PPS is up 139% on a volume of 58M vs an O/S of 3M. Every share has changed hands, on average, 19 times as of 10:10am... Nothing suspicious about that.
This is automated wash trading. Don't get trapped.
Scam alert. This is nothing but a pump and dump complete with fabricated Chinese company that nobody ever heard of, grossly exaggerated valuations, and 1.6B shares of new dilution. The O/S stated in their disclosure for 9-30-23 was 2.4B shares, and now it is 4B.
There isn't a chance in hell that a legitimate multi-billion dollar company would inhabit a scammy stinky pink shell and hand over their ownership to its bagholders. This is a fraud.
This guy had it right:
I won’t be surprised if the OTC halts trading.
The OTC Yield sign is up because of no information. Not for lack of information. The yield sign would not be up if the RM company was actually working on the RM.
The share structure hasn’t changed meaning no shares were returned or retired. Meaning no money changed hands. Meaning there is no actual RM in progress.
No name change in Nevada at the state level means they can’t do a reverse merger without there actually being an existing company.
JFH Digital E Commerce is not a legal existing company
The $7B Chinese company can buy a clean shell for under $500k but are paying $3.2 million for IGPK. Lol Think about it?????
The CEO of the $7 Billion dollar Chinese company is a known criminal. The SEC does not allow someone with a criminal history to manage a company.
The $7 Billion Chinese company was ceased by the Chinese government in 2022. The Chinese government ran the company for over year.
On November 30 2023, the same day as the supposed RM with IGPK, the Chinese government came down on the $7 Billion company for providing false information to the Chinese government. Isn’t that a coincidence.
There are reports of the $7B Chinese company having their assets frozen by the Chinese government.
Reports of reaching the end of their Pyramid scheme type Amway Rebate type business.
Reports Management is not only months behind on paying their customers they don’t have the money to pay them.
This is a scam of epic proportions. The PPS is heavily manipulated to advance the PPS. In the past I have provided links to back up my claims. I was run away from here for exposing this scam. You can make money here off of this scam. Knowing what you own will keep you from unknowingly becoming victim.
Ok, we can check off the "Drop a comparison to Amazon/Apple/etc" box on the pump and dump checklist.
What a load of crap. A $7B company isn't going to inhabit a stinky pink scam shell and hand over equity ownership to a bunch of its shareholders. That would be a monumentally stupid thing to do.
Dude. This is not an SEC filer.... They file their disclosures to OTC Markets and told everyone in the previous disclosure that a majority of the "voting power" had authorized the RS. Guess who holds a majority of the "voting power?"
You just refuse to read what the company itself said about the reverse split on December 14, 2023. They stated directly, the subsequent events section of that disclosure included everything up through December 14th, and that everything included the pending status of their reverse split. Like it or not, it remains valid, and no sort of pumper hocus pocus is going to change it.
Note 11. Subsequent Events
The Company has evaluated events and transactions occurring subsequent to the consolidated balance sheet date of September 30, 2023, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through December 14, 2023, the date these consolidated financial statements were available to be issued and other than noted below, no items of significance were noted
Reverse Split. On or about August 3, 2023, the Board of Directors and holders of a majority of the voting power of our company approved a reverse split of our common stock at a ratio of up to 1-for-5,000. We intend to seek approval of such reverse split from FINRA as expeditiously as possible. However, we are unable to predict when FINRA will approve such reverse split.
There you go again with that crap. The RS is still on and valid. Once again, here is their disclosure, filed on 12-14-23, nearly 3 months after the deadline that you continue to circle to mislead everyone. That deadline was for the board to decide and act, and they did those before the deadline expired.
https://www.otcmarkets.com/otcapi/company/financial-report/389219/content
On page 12, you'll find the "Subsequent events" section, and here's what it says:
Note 11. Subsequent Events
The Company has evaluated events and transactions occurring subsequent to the consolidated balance sheet date of September 30, 2023, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through December 14, 2023, the date these consolidated financial statements were available to be issued and other than noted below, no items of significance were noted
Reverse Split. On or about August 3, 2023, the Board of Directors and holders of a majority of the voting power of our company approved a reverse split of our common stock at a ratio of up to 1-for-5,000. We intend to seek approval of such reverse split from FINRA as expeditiously as possible. However, we are unable to predict when FINRA will approve such reverse split.
The reverse split is 5000-1. Looks like it is intended to wipe out the legacy equity so the owners of the private company that merged in can convert their preferred shares and wind up owning the bulk of the common stock, which should be expected since they used to own, collectively, all of the equity in the private company.
How's the China Hustle going?
https://en.wikipedia.org/wiki/The_China_Hustle
Still pushing the fairy tale that a thriving Chinese company wants to inhabit this shell and make all the pumpers rich?
No, it's a trade made between the bid and the ask prices where the MM doesn't mark it as either a "buy" or "sell." Usually, it's pretty close to the middle of the spread, some will mark a trade closer to the bid as a "sell" and closer to the ask as a "buy," sometimes they don't.
Walk the PPS up... check
Issue another BS PR... check
Dump stock.... ongoing
Up 50% on equal buys and sells. Nothing suspicious about that... /sarcasm
The people who "make out like bandits" are the ones who already know that it's just a fairy tale and are only pumping it to get folks who don't know it's a scam to buy their stock. I'm here to tell the folks that don't know they're being conned.
Oh, I'm sure this isn't the only Chinese scam being run here. Some are run on the same fairy tale being told here, that a thriving company just wants to make some pumpers rich by handing over ownership interests for nothing. Some got booted from exchanges to the OTC. They SEC was making some new rules for them to be here since so many of them couldn't put up a legitimate audit, not sure where that stands.
Here's some good info on my "China Hustle" reference. Same thing here on the OTC.
https://en.wikipedia.org/wiki/The_China_Hustle
Pump and dump scams go up, then they go back down, trapping the naive who believe that fairy tale with the bags of the con artistry run here. Seeing as how you can't find a board or quote for those, I guess they all died completely on the vine after the con artists took off with their profits.
Just another China Hustle pump and dump, complete with the fairy tale that a thriving company "over there" wishes to hand over their equity ownership to "a bunch of knuckleheads" who already hold stock in this stinky pink company and make them rich. No legitimate business would do that, it would be stupid.
Bankruptcy is the only situation that I don’t have any knowledge of other than what I learn each day
Is the pumper Kum Ba Yah done yet? What a load of crap.
There's a handful of "bashers" on iHub who happen to be the only ones posting the facts the newbie investors who stumbled into the OTC need to know, and their track record is exemplary. Everything they call out to be a scam, a fraud, a pump and dump, winds up being one. On the other hand, every stock you lavish your praise and admiration on winds up being one of those scams, frauds, pump and dumps, your track record is horrible in picking legitimate (ie - not scams, frauds, pump and dumps) stocks and companies. In this case, after this company has lied for a decade, you lavish praise about a $5B jet fuel deal they're claiming to be in the middle of, not even an acknowledgement of the unlikelihood that it's real. Do you really think that companies with $5B worth of jet fuel aren't going to do their own due diligence on who they associate with and instead are going to turn to an unknown stinky pink company that has no cash nor experience in handling the commodity to get it from seller to buyer? Get real.
Train wreck
New S-1 to sell stock and says they'll have to do a RS by March 13 to stay on NASDAQ.
Don't overlook the preferred B and C convertible shares. They're the elephant in this room, and it doesn't look like they're impacted by the proposed RS.
But... put yourself in the shoes of the RWOD shareholders. Your board is proposing to hand over 6M shares of stock, massive dilution of your holdings, and all the cash in the treasury, to the owners of ANEW. What does ANEW/LEAS bring into this deal? $2k of cash, $5k of prepaid expenses, licenses that they, themselves, value at $2.2M, offset by accounts payable of $177k, a note payable of $1.3M, ZERO revenue, $500k of expenses for 9 months. Do you really want to hand over 6M shares of stock for that, to see your stock diluted for more than double the current O/S, and $57M for THAT?
No, you wouldn't, you'd walk and take your $10 per share with you, chances are when other NASDAQ investors see that crap, the PPS isn't holding $10.
You need to look at that document again, go to page 160 for the pro-forma information on the combined company, and scroll all the way to the right to see the "Assuming maximum redemption" columns, because that's going to be pretty close to what happens if this alleged deal progresses.
The document linked today is just another update to the registration and proxy statement of RWOD. There's still not a date in it for the shareholder vote. I doubt that RWOD shareholders are going to be big fans of handing over $60M worth of stock for a company trading (barely) at a market cap of $1.3M on the OTC and that hasn't done jack lately. It is pure dilution of their $10 stock, and they can redeem and walk away if they don't like it (taking the cash out of the company treasury).
The purpose of the RS was to essentially wipe away the legacy stock from the previous business of LEAS and award the owners of ANEW (who hold those preferred shares that were to convert after the RS was complete) with the lion's share of the equity in this company. Because the CEO has voting control, he can simply take the RWOD stock and divide it amongst his classes of stock as he sees fit. He owned 30% of ANEW prior to merging it into LEAS, and I expect he'll want to own a similar stake of the RWOD shares awarded in the business combination.
I know that doesn't directly answer your question, but do you really think that you're going to get a windfall from buying stock that barely trades on the OTC from a NASDAQ SPAC wanting to buy a $1.3M company for $60M?
Count yourself among the clueless. Here it is again, from their latest disclosure, filed December 14, 2023, in the "Subsequent Events" section, page 30:
Reverse Split. On or about August 3, 2023, the Board of Directors and holders of a majority of the
voting power of our company approved a reverse split of our common stock at a ratio of up to 1-
for-5,000. We intend to seek approval of such reverse split from FINRA as expeditiously as
possible. However, we are unable to predict when FINRA will approve such reverse split.
You don’t read anything. That statement was included in the Subsequent Events” section, so it was up to date when submitted.
There is nothing outdated about the information in the latest financial disclosure. The deadline you keep circling in the corporate document you've posted was for the board to decide and act. The board met that deadline, so other than FINRA, it's a done deal.
Since you've avoided comment on what the financial disclosure says, I'll post it for you:
Reverse Split. On or about August 3, 2023, the Board of Directors and holders of a majority of the
voting power of our company approved a reverse split of our common stock at a ratio of up to 1-
for-5,000. We intend to seek approval of such reverse split from FINRA as expeditiously as
possible. However, we are unable to predict when FINRA will approve such reverse split.
FINRA does play a role in reverse stock splits, but FINRA doesn't control or have the final authority over these decisions.
if the board of directors and shareholders approve r/s then FINRA doesn't have an issue with it because they don't control or have the final authority over these decisions. Companies seeking to execute a reverse stock split must follow certain regulatory procedures, including obtaining approval from their board of directors and, in most cases, obtaining shareholder approval.
Let me make it clear: in this case, they adhere to the rules and regulations. Therefore, please don't mislead or distort things. It's as clear as daylight that decisions are determined by the board of directors, not by FINRA.
Here's a tip on how to conduct due diligence: pay close attention to what you read and ensure you comprehend the information stated below.
Here's a tip on how to do due diligence on these OTC companies that claim they're going to make everyone holding stock rich when a company elects to inhabit them and gift the shareholders with a business for nothing (or very little), something that no legitimate company would do. First, ignore all the fluffy hype that the company publishes about all the great deals and the chorus of stock pumpers tweetering about how great everything looks. Then, read through the financial reports for a few things:
What does the balance sheet look like? Does it look like something that a legitimate business would want to take over?
Was restricted stock issued a year ago that is now unrestricted or that has nearly met the 1 year period required prior to resale?
Are there convertible notes left that gives a discount to the creditors?
Are there convertible preferred stock series that have also met their restriction period (which starts when the preferred stock was acquired, if the period is met, the common stock would be free trading after conversion)?
Here's a link - https://www.otcmarkets.com/otcapi/company/financial-report/389219/content
The balance sheet is on page 19, and shows $76k in cash, $560k in total assets, and $2.6M in liabilities. So they're $2M upside down as of their last report, and they were losing money every quarter. No legitimate business is going to take that over.
Stock issuances begin on page 6, the ones that are coming off restriction show on page 8, which shows 83M shares are eligible to come off restriction in February. There's another 50M that are showing restricted on OTC Markets that aren't held by insiders, likely the holders just haven't taken the action to remove the restriction. There was about that many shares issued under the Reg A exemption to convertible note holders that I think should have had the 1 year restriction, but are listed as unrestricted in the table. It should also be noted that over the last year, the O/S went from 260M to 426M (page 1)
The convertible notes are listed on page 9, $764k of notes that can convert. $500k requires the company to issue a Reg A offering, and there are none active. The other $264k converts at a 25% discount to the PPS. At today's pps, that would be 280M shares.
Convertible preferred stock is Series B and Series C. Series B converts into 20 shares of common stock for each share, Series C converts at 100 shares of common stock for each share. Here's the kicker: Conversions were allowed to start in January of 2024 for the Series C convertible stock. There are 20.5M shares of Series B outstanding, convertible into 410M common shares, and 5.6M shares of Series C outstanding, convertible into 560M common shares. Large holders of this stock are listed on page 12, some are insiders, some are not, and this is the OTC...
There is also a pending reverse split already enacted by the board and awaiting FINRA. The board met the deadline, and if FINRA has an issue with it, it's likely they're suspicious and you should be, too.
In summary, look to see if the deal makes sense for a legitimate business (it doesn't) and if there's anyone with gobs of stock to sell (there is).
What the heck are you babbling about now? This company is bankrupt, and the property being abandoned is an agreement which the trustee says he considers already assigned to the buyer of Bert. Taxation is the furthest thing from the bankruptcy trustee's mind, by definition this company was unprofitable and the proceeds from all sales will not come close to paying its debt.