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I even posted about the R/S and the B shares way back in January and was told I was 100% incorrect. LOL
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=119826186
What was the date they had to show significant progress by or risk losing the provisionals?
The TRTC board is so funny, They are just now freaking out about this after I posted about it 6 weeks ago. Also that the company hid the fact from them that their flagship product , IVXX, was "recalled for quality issues" without telling them about insider selling before the Q came out.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=121828083
Where was this outrage when I first posted about this 6 weeks ago? LOL
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=121828083
This must be the one you are referring to. LOL
Nevermind I miss read your post
You were unaware? I pointed it out several times well over a month ago. I even posted the exact paragraph from the financials that state it. Many people have been saying it for the past month
They will sold at a discount to, so lets assume they are sold at .10, that would require 750 million shares.
I feel like I just woke up in the Twilight Zone. Overnight everyone's mood changed.
Hmmm, no, the O/S rising had nothing to do with Blum as that was done with preferred shares. The O/S rising was due to dilution to pay the bills.
*not realizing
I think you are realizing what everyone is upset about. It is not necessarily that they proposed a R/S, it is what happens (or rather doesn't happen) to the Series B Preferred shares in that they don't reverse split along with the common shares nor does their convertion ratio get adjusted and how it would be a windfall for the insiders and a kick in the gonads to the common shareholders.
Interesting to see the light bulbs finally going off on something I have been saying for quite a while. This is a trade not an investment. This company is set up to benefit insiders off the backs of shareholders. It is a trade not an investment. Always take profits when you can. It is better to sell too soon than to late....
Bird in hand.
If they had no intentions of doing it, they wouldn't be "asking shareholders to vote" on it. Like shareholders have any say anyway.
Series B Preferred Stock. Each share of our Series B Preferred Stock is convertible, at the option of the holder, on a 1-for-5.384325537 basis, into shares of our Common Stock (the "Conversion Rate"). The Conversion Rate is subject to adjustment as follows: (i) if we effect a forward stock split, the conversion rate (expressed as a quotient) shall be proportionately decreased so that the number of shares of our Common Stock issuable upon conversion of the Series B Preferred Stock increases in proportion to such increase in the aggregate number of shares of our Common Stock outstanding; (ii) if we effect a reverse split or combination, no adjustments shall be made; (iii) if we set a record date for the holders of our Common Stock entitled to receive a dividend or other distribution payable in shares of our Common Stock, then the conversion rate (expressed as a quotient) shall be decreased; (iv) if we set a record date for the holders of our Common Stock entitled to receive a dividend or other distribution payable in our securities, other than shares of our Common Stock, then the conversation rate shall be adjusted to ensure that the holders of the Series B Preferred Stock receive, in addition to the shares of our Common Stock issuable upon conversion of the Series B Preferred Stock, such number of securities that they would have received had their Series B Preferred Stock been converted into shares of our Common Stock on the record date; (v) if our Common Stock is changed to the same or different number of shares of any class or classes of stock, whether by reclassification, exchange, substitution, or otherwise, then, in each event, the conversion rate shall be adjusted so that each holder of Series B Preferred Stock has the right to convert such share of Series B Preferred Stock into the kind and amount of shares of stock and other securities receivable upon reclassification, exchange, substitution, or other change, by holders of the number of shares of our Common Stock into which such shares of Series B Preferred Stock might have been converted immediately prior to such reclassification, exchange, substitution, or other change; and (vi) if there is a capital reorganization of the Company, or a merger or consolidation of the Company with or into another entity where the holders of the outstanding voting securities prior to such merger or consolidation do not own more than 50% of the outstanding voting securities of the merged or consolidated entity, immediately after such merger or consolidation, or the sale of all or substantially all of our properties or assets to any other person, then as part of such change a revision to the conversion rate shall be made if necessary to ensure that the holders of the Series B Preferred Stock have the right to convert such shares of Series B Preferred Stock into the kind and amount of shares of stock and other securities or property of ours or any successor corporation resulting from such change. The Series B Preferred Stock also automatically converts into shares of our Common Stock immediately prior to a merger, sale of assets, share exchange, or other reorganization.
Each share of Series B Preferred Stock has voting rights equal to 100 shares of our Common Stock (subject to stock dividends, stock splits, and the like) and is entitled to a liquidation preference equal to $0.005384325537 (subject to appropriate adjustment in the event of any stock dividend, forward stock split, or other similar recapitalization). Such liquidation preference is in preference (but equal with the holders of our Series Z Preferred Stock) to the holders of our Common Stock, but subordinate in preference to any sum to which the holders of our Series A Preferred Stock are entitled. No dividends will be paid on the Series B Preferred Stock.
A holder of Series B Preferred Stock cannot convert less than fifty (50) shares of Series B Preferred Stock at any time, unless the holder holds less than fifty (50) shares of Series B Preferred Stock and converts all such shares held by it at that time. No fractional shares of our Common Stock are to be issued upon conversion of the Series B Preferred Stock.
It is being voted on at the next shareholder meeting for authority to do it. They haven't applied with FINRA to do one, yet.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11311033
That may be what he said out of one end of his mouth, but in the pre 14A it say that is only one of the reasons they may decide to do it.
And it will be given.
Welcome to the OTC
Sticky this
BINGO
It is so they don't dilute themselves out of majority control.
I have tried for two weeks to get answer on Preferred class B shares not splitting in the case of a reverse split, but have received no answer.
Is it even legal not to reverse split a whole class of shares? I can't believe that it would be.
Yes, it is. It is part of the articles of corporation, and in the filings. It is perfectly 100% legal.
Here is your answer directly from the company, all properly disclosed.
page 40
hmm, not according to the financial statements and S3 which says they need $13 million for build out.
Why buy them when they get them free...
Sounds like a plan. Wait until it stabilizes. Better to enter a little late than way too soon.
Not the ads I see. "What happens in Vegas stays in Vegas" is hardly targeting a family market. It is a party town. Wild and crazy. Not a bad place for a dispensary or two or three.
No contention, just stressing the obvious.
But but but....they have SUPER lettuce. Lol
Key words...favorable for the DISPENSARY OWNERS, not TRTC shareholdes.
There is no GD deal. It is just fabricated hype.
It is far from a family place.
Right now it is a trade. No reason to rush in and lock up shares long term.
Doubt it.
Yes because they will be issuing shares to do so.
Still no reason to invest right now.
And losses will exceed that amount. Also Blum is still a not for profit operation.
I say 90% no change in schedule.
I said there are no guarantees DEA or elections will be favorable. Meaning no guarantee they will reschedule or election will be favorable.
Revenues in a vacuum are meaningless. It is net profits that count and as always, there will be none.