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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.
The debtor is Immune Pharmaceuticals and its subsidiaries. While all those contracts the trustee has been studying may wind up being abandoned, they haven't yet. This one was puzzling, since everything to do with Bert was sold to Alexion, not sure why the trustee thought he had to file a new motion to say it again. Seems redundant.
CNXA today, O/S of just over 19M, volume already of over 190M. The robots are just allowed to run free.
Automated wash trading, very obvious. The O/S has turned over nearly 10X's already, meaning every share issued and outstanding has changed hands, on average, 10X's at 11:30. Don't get trapped with grossly overpriced stock.
Alexion has already paid for Bert. It will be part of the proceeds distributed to the creditors. Shareholders won’t see a penny of it.
There's been a few that I haven't posted about, but the robots have been turned on to wash trade NEXI today, already turned the 1M share O/S over 9X's, and the company issued a proxy a couple months ago soliciting approval to dissolve itself.
Automated wash trading playing with the stock of a company that wants to dissolve itself. Don't get trapped.
You need to read that motion again. Bert was sold in 2019. It's gone and ain't ever coming back.
In his mind, he thinks the OTC is gonna fall for that crap after the train wreck a month or so ago.
Y'know, on a leap year, we could add the day to any month we want.... I say we make a June 31...
January 32?
Today's motion was to abandon agreements with one company. If the trustee is going to do this for all of the agreements he's been studying for the last year or two, it'll be awhile to disposition them all. (underlining and bolding done by me)
Jeffrey A. Lester, Chapter 7 Trustee for Immune Pharmaceuticals, Inc. et al. in this case proposes to abandon property of the estate described below as being of inconsequential value. If you object to the abandonment, you must file a written objection with the Clerk of the United States Bankruptcy Court and serve it on the party named below not later than 7 days before the hearing date.
Address of the Clerk: U.S. Bankruptcy Court
PO Box 1352
50 Walnut Street
Newark, NJ 07102-1352
If an objection is filed, a hearing will be held before the Honorable Vincent F. Papalia on March 5, 2024 at 10:00 a.m. at the United States Bankruptcy Court, Courtroom no. 3B. (Hearing date must be at least 28 days from the date of this notice). If no objection is filed, the abandonment shall take effect on entry by the clerk of a Certification of No Objection.
Description and value of property: The property to be abandoned are all of the bankruptcy estates’ right, title and interest in certain agreements by and among some or all of the Debtors and Lonza Biologics PLC regarding manufacturing and licensing (collectively, the “Lonza Agreements”). The Lonza Agreements relate to the Debtors development of a product known as bertilimumab (“Bert”). The Lonza Agreements are subject to a confidentiality agreement
On October 21, 2019, the Bankruptcy Court entered an order approving the Debtors’ sale of all of its assets relating to Bert, including the Debtors’ contracts and licenses related to Bert. The assignment language contained in the sale agreements did not expressly identify the Lonza Agreements although it was sufficiently broad to include all such agreements related to Bert. The Trustee believes that the Lonza Agreements are related to Bert. Thus, pursuant to the sale agreements, it appears the Lonza agreements were assigned to Alexion Pharma International Operations Unlimited Company (“Alexion”). Upon information and belief, the Debtors’ sale of all of its assets relating to Bert, including possibly their interest in the Lonza Agreements, to Alexion closed in or about November 2019.
Based on the above, it appears that the bankruptcy estates have no remaining right, title or interest in the Lonza Agreements. As a result, abandonment is appropriate because the estates have no interest in the Lonza Agreements making administration of the Lonza Agreements burdensome to the estates and of inconsequential value and benefit to the estates
Immune's case is still not closed, and in a liquidation, if an action is to be taken to cancel the common stock, it would be done at the end. The others you've held had such an order, and it was likely included in a re-organization plan. But, again, I'll be surprised if the trustee even bothers since the stock will never trade again and the company will be shut down. That stock will be your reminder to never invest in companies that are bankrupt. The stock is worthless.
The motion filed today signals that the trustee is actually dispositioning some of those contracts he's studied for the last year or two, recommending abandoning them. Could be he's getting ready to end the proceedings.
First off, it isn't a delisting. That's when a stock is removed from an exchange(NYSE, NASDAQ, etc), typically landing on the OTC. It was a revocation of the registration, which means it can no longer trade on the public markets, why the ticker has been deleted. The stock you see now holds equity in essentially a privately held company, but one that is in Chapter 7 bankruptcy proceedings, being liquidated and shut down. It would take an order from the judge to cancel the stock and have it disappear, but I don't expect the Trustee to even bother, since the stock will never trade again.
Have you ever read anything about Chapter 7 bankruptcy to understand what it means and how it ends 100% of the time (by law), or are you just wanting to ignore those facts for some sort of extended false comfort? You and the babbler need to study that as much as you look for unrelated companies on the internet to fantasize over, it will let you move on from this dead investment.
Here:
https://www.law.cornell.edu/wex/chapter_7_bankruptcy
Read the part under "Business Entities"
Wash trading robots turned on for this one. Don’t get trapped.
When the registration was revoked and the ticker was deleted, your broker changed your stock to be listed under its CUSIP, same CUSIP that it had when it was trading. How they describe it is up to them, but it isn’t new stock, it’s the same dead stock you’ve had since you bought it. The company is dead, the stock is also dead and will never trade again.
Now, describe for me with references what Chapter 7 bankruptcy means for a corporation.
There are no "new Immune shares." That's a delusion you guys have fabricated so you don't have to admit your money is gone.
Immune pharmaceuticals is the issuer of your FKA IMNPQ stock, and that will never change. The registration was revoked by the SEC, so it won't ever trade again, since the company itself is in Chapter 7 bankruptcy, already substantially liquidated, already shut down, no business operations nor employees whatsoever.
That company the scammer (Adeel) setup in Nevada was done solely to run a pump and dump on the IMNPQ stock. The trustee found out about it, notified the SEC, and they suspended the stock from trading. That company is now dissolved and Adeel has disappeared.
You guys really should spend some time reading up on Chapter 7 bankruptcies. Companies don't "emerge" from chapter 7, they're shut down every time by law, the assets sold off to pay as much of the company debt as possible. Then it is over.
Immune has no affiliation whatsoever with all the companies I see babbling about here. They're free to do their business, acquire each other, etc., and FKA IMNPQ shareholders will never see a penny, they don't own equity in any of them.
I remember that, and when you posted about it, you were accused of making it up by the group that made up the fairy tale.
A lesson, for sure.
That lawyer guy that Fremeth hired, I’ve always wondered why everyone that still has issues with the truth here doesn’t chip in a few bucks each for an hour of his time and ask him about secret buyouts, etc, and see what he says.
Trip flippers pretending this is something real.
Nothing like a little wash trading to create an illusion of interest in a stock.
Automated wash trading. The O/S has been turned over 7X's already, doesn't happen on any stock, and don't care about the 8K. Every share of stock issued and outstanding has, on average, changed hands 7X's today. When they turn the automation off, a lot of folks will be stuck with grossly overpriced stock.
The “old” Immune is the issuer of the FKA IMNPQ stock, and that can’t be changed, especially not by a couple scammers who tried to run a pump and dump on the stock until the trustee caught them and notified the SEC.
That corporation in Nevada is dissolved, kaput, anyway, and the scammers disappeared.
“Longs” of FKA IMNPQ will not be notified, ever, since this deal has absolutely nothing to do with Immune Pharmaceuticals. It is in Chapter 7 bankruptcy, already substantially liquidated, already out of business. Nobody works for it, it has no business operations, and only remnant assets, everything else sold off.
Do yourself a favor and google what chapter 7 is so you can accept the certainty of a total loss and move on.
Pumping this POS is shameful. CEO is a human train wreck, no way the OTC is going to play along.
Just a bunch of pumper flippers washing around shares at the end to try and create an illusion of interest in this stock. 126 trades all day long, then obvious paint job at the end of the day while post count on this board cheering essentially nothing goes up to the BOB levels.
None of it is real. 126 trades, good luck selling the stock.
They're going to turn off the wash trading robots soon. The O/S is about 200M, you don't toss over the whole O/S almost 4X's in a day without automation. You especially don't toss it over 8X's as happened a few days ago, not after historical volumes less than 10M all year long. Look at this:
https://finance.yahoo.com/quote/PHUN/history/
Somebody is working in a big block of stock, probably from that string of offerings they've tossed up the last couple months. Don't get trapped.
Probably should add HLLK to your list.
Once again, if it isn't in the bankruptcy court records, it ain't happening. There's nothing going on with Immune other than the liquidation. With the assets largely sold off, who'd want an empty shell company whose debt bankrupted it? Why would they want it if the assets, employees, business operations, are all gone?
Show any proof directly mentioning Immune Pharmaceuticals that any of this crap in your head is true.
Immune Pharmaceuticals is under the jurisdiction of the New Jersey Bankruptcy Court, and nothing is done ithout the approval of the bankruptcy court judge, period. And with the company in Chapter 7, there is nothing being done other than the liquidation and shut down. Here's a link to the complete docket, and if it isn't in there in a motion or order, it didn't happen:
https://www.docketbird.com/court-cases/Immune-Pharmaceuticals-Inc/njb-2:2019-bk-13273
Neither Cytovia TX nor Naya have anything to do with Immune Pharmaceuticals, and the fraudulent Immune set up in Nevada is dissolved, the scammers have disappeared without a whisper.
You cannot "win" in this case, you lost when the company went into Chapter 7 bankruptcy, it was over then. You never offer any proof of anything, just ramblings about things and companies that have absolutely nothing to do with your bankrupt company accompanied by a series of unrelated Google document finds you've tied in your twisted mind to your dead stock. Get back into reality. Your money is gone.