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I did find this. Last line could be important.
I will give it another try. 15 minutes. Not any longer.
One thing we could research is whether FINRA has to give us the redemption value. It will matter a great deal. Only problem is, I'm not aware of another case like it. Not even TF knows I think.
You still have another big bet going. But you can't trade it.
Are you all-in yet? Could be a solid play
Nobody knows. Nobody cares. Certainly not about Chinese companies on OTC.
I think I'm going to have a heart attack if HERB actually does show up on the FINRA daily list.
At least another 1,000. Minutes before the close.
I can never get any shares here for a normal price. Where did yesterday's idiot seller go?
On the bid at $2.00. Once again saving the day.
I think that is the client accounts. 36,000 x $70,000 on average (or a bit less).
They can leverage that up to 10x with PIPE money etc.
The share count is irrelevant. How much ITUP owns of IREEM and how much the partners own is relevant. I don't know the answer. I expect it to be close to 50/50 if I had to guess. Or 60/40.
Ireem website.
https://ireemllc.com/index.html
It doesn't change the overall picture much. If you buy on monday then you have a 95% chance that you qualify for the dividend. If you wait for the FINRA announcement and buy before the ex-date then you have close to 100% chance that you qualify for the dividend. The difference is only 5%.
I think we have been here before. Several times. Sure feels like a deja vu to me.
Anyway, if FINRA does make the announcement and gives us the redemption value then the stock will surge and you will have to pay $0.50+ for the stock. So that's the thing here.
That is a good question. I don't know.
I guess that if you buy on monday then there is a small (5%) chance that you will not qualify for the dividend in the end.
That is why I said it is important for FINRA to announce the dividend (and ex-date) BEFORE the record date. So everyone knows what to expect and people don't get hurt. But they don't always do that. Perhaps we will get the announcement monday but it's not very likely.
In principle, yes. You can buy up to the ex-date. Even on the pay-date. I have bought shares on the pay-date several times (=one day before the ex-date) and it works.
However, if the FINRA review goes past the pay-date then they can't assign the ex-date one day after the pay-date. In that case I think it "Will Not be Quoted Ex" and the Record Date will be used to determine who qualifies. Weird eh?
So if you want to be 100% certain that you qualify, you will have to wait for the announcement from FINRA and then buy before the ex-date that they give you. Or... you have to buy before the Record Date. So there is only 1 day left for that
Aandt is correct. There are 3 or 4 important things to keep in mind.
1) For dividends > 25% of the company value, the ex-date will be delayed until one day after the pay-date. This is a strict rule that all the exchanges have to follow including FINRA on OTC.
2) The ex-date determines who qualifies for the dividend. You have to hold until the ex-date in order to qualify.
3) FINRA will announce the dividend on the FINRA daily list. They will also announce the ex-date which is leading. (This could happen at any time, even past the pay-date).
(4) Best not to trade. There is always another exception to the rule. Simply wait for the dividend to end up in your account.
Yes, I have earned some ice cream today.
I think you are referring to a securities counsel. But that was in China before they hired the law firm in the US. I don't remember a bank being disclosed.
I'm thinking now perhaps the reason why they hired Merrill is to take care of the redemption. It's a lot of money that has to be transferred and paid out.
You might as well dump your other stock(s) and go all-in here (if you need the money). At least for the next 3-4 weeks.
Most of us can't buy the stock.
I'm really curious whether FINRA will announce the dividend with a redemption value > $100 per preferred share and how the stock will react to it. We still have a lot of wealthy people/friends whom we can send an alert. Don't mind if I do
Well, if they screw us with the dividend then the rest of the company won't be worth much either. And if they don't screw us with the dividend then the rest of the company won't be worth much anyway
Ah, so you were the buyer yesterday. I think we have a 50% chance that FINRA will announce the dividend between now and March 30. All we can do is wait.
None of this stuff matters. It's all about
1) the preferred dividend
2) the redemption value
3) when we will get paid
We need to get lucky 3x if you want to get $15/share out of this. Or, if you are happy with $1, you need to get lucky once.
What is promising is that none of the people who joined the Board in 2017 have resigned. Yong Li, Robert Cardinal and Eric Chen. Either the company does have the billions in assets that we expect them to have, or, these people are complete idiots. Which do you think is more likely?
In fact, none of the directors have ever resigned. And the directors that did leave in recent years all worked for the parent company in the past. So there is a potential conflict of interest and a valid reason why they left.
It never ceases to amaze me how slow people are. I already know that the stock will rally.
Yes, I like that one too!
Haha. The shorty pigs are manipulating the stock.
And this. On the Profile page. Perhaps something to do with the offering.
Buying for $2.13 today. I think we can get a rally out of this soon.
A big 5% drop at this stage would be nice.
That is simply the 157M shares x $0.25 plus dilution.
14 cents now though. I think I even paid 25 cents for my last shares.
You are missing that OTC and certainly Pink sheet stocks are a total nightmare and disaster ever since the SEC destroyed the market
You won't be able to sell these preferred shares. My guess is that they will be redeemed by the company at a certain date in the future. And they will work towards settling these in cash. We could be looking at 6-12 months from now. Just how I see it.
The value should be extreme, as discussed. $10+ per common HERB share.
But there is something else going on. I have a hunch that FINRA may make the dividend announcement in the coming days. Ahead of the Record Date.. If that is the case, and they also disclose the redemption value, we could rock in the next few weeks like no other company has ever rocked before. So let's hope for that, for now.