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Again, SOUPQ is a public shell, debt free with a clean balance sheet and no longer in bankruptcy. They are not a viable entity, however, so the Q will not drop. When GBI and Soupman submit their plan to merge, thus creating a VIABLE PUBLIC COMPANY, only then will a new ticker be issued.
Have you not read the PRa and 8k? Of the 6.7 million Soupman received in the sale to GBI, 1.7 million was used to pay off the DIP loan. GBI has eliminated 11 million of Soupman’s debt. Soupman is now a public shell, debt free with a clean balance sheet. GBI owns the assets. Connect the dots. You will have your answer when the companies submit their plan for merger.
Correct. Although Hagan was speaking on behalf of Soupman, GBI is the current owner of all assets and Soupman is STILL a shell, not a viable entity. Until GBI and Soupman announce their merger plan, the Q will not fall.
It does explain it. Read up about Q’s. The Q will only come off if the company emerges as a viable entity, which Soupman is not. Soupman Inc is currently a shell, GBI owns all the assets. When Soupman and GBI are done with negotiations and terms of the reverse merger and submit their plan, only then will a new ticker be issued.
Nice 1.2 million bid at 0.028
Finally close to my .0333 average
You’re basing the “downtrend” on intraday highs when you should be looking at daily closing prices. Thursday closed green up 400%. Friday held those gains and closed green another 7%. We have had one single day of red, yesterday.
They definitely are not reading IHUB. You got news last Thursday. Patience. The stock is still trading up over 400% from the low of .005. Thursday closed up 400%, Friday closed up another 7%. Today we are down 20% on laughable volume. Soupman is a real company with a real product, obviously not just a pump and dump. There are probably still many investors sitting on the sidelines right now until the next press release where the company clarifies the situation with bankruptcy and the Q. IMO, Soupman and GBI are currently negotiating and working out the terms of the reverse merger. Once they are done and release the news, investors on the sidelines will jump in and then you will get your stabilization.
Price has come down on very low volume, with MM manipulation and shorts. The gap you’re referring to will not get filled. More good news from the company coming.
Agreed. Based on dates of correspondences, I don't believe the timeline of the back and forth between SOUP and GBI regarding the hostile takeover attempt is as the bears say it is.
Bears are saying (1) GBI attempted hostile takeover, (2) failed, (3) THEN decided to buy SOUP in bankruptcy, and are stuck with 120 million worthless shares.
I believe a more accurate timeline is (1) GBI attempted hostile takeover, (2) takeover did not go into effect fast enough to prevent SOUP from auctioning off company, (3) GBI wins the auction for SOUP, (4) GBI writes letter to SOUP stating they will not pursue takeover attempt anymore, because they won the auction and got what they wanted, IMO.
Will be interesting to see how this plays out. You have the same view as SHEEPWOLF (pasted below) and before Thursday’s press release I also thought it was a very plausible explanation. After Thursday’s PR, though, the explanation doesn’t really hold up anymore. What do you think of Thursday’s PR in regards to GBI’s consideration of SOUP shareholders? The hostile takeover attempt did not go through but it was WealthColony abandoning the plan moreso than a failed attempt IMO.
Why many and I originally believed the commons would survive:
1. Wealthcolony (WC) bought approx. 120M common shares and own a large number of preferred shares as well. (Interest aligned with common shareholder)
2. WC sought to replace SOUPQ BOD in hostile takeover
3. WC wins BK auction with high bid of $6.8M for essentially all SOUPQ assets and debt
4. BK judge approved asset purchase agreement for WC
WHY SOUPQ IS DEAD AND LIKELY SCENARIO
QUESTION : Why did WC buy all those common shares?
ANSWER : to facilitate a hostile takeover bid (however it failed) to replace SOUPQ BOD and get BK dismissed and seize control.
1. SOUPQ announced via 8k that the co. is selling remaining immaterial assets and winding down operations
2. SOUPQ is now essentially a shell
3. WC via its unit Gallant Brands owns all SOUPQ assets BUT has no relationship with the shell. Gallant Brands was created to house the acquired assets and will emerge as the new company in which current SOUPQ shareholders will have no interest.
4. WC will IPO or reverse merge Gallant Brands for it to become a new publicly traded entity
5. SOUPQ shares will be cancelled. Share cancellation could happen at any time, holders need to pay attention to FINRA daily list
6. WC is not required to release any filing (they are not a publicly traded co.) or press release.
Can’t wait to see what they release in their next PR. If they don’t take the company public by reverse merger, what do you think GBI is going to do to maximize the value of their SOUPQ shares and the shares owned by all long term shareholders?
Don’t have much of a leg to stand on? Please re-read the Thursday PR. Have a great weekend!
As I’ve said in previous posts, what anyone says on these boards is going to be speculation. All of your links and posts do not pertain to the current standing of SOUP and GBI. Hagan’s FINRA status from a decade ago? Come on. We have 1 PR from GBI so far and it’s looking positive for shareholders. We’ll see what they say in the next PR.
Unable to find a chart to confirm BTUUQ was trading up until 4/3 but I’ll take your word for it. Just did some reading regarding companies reemerging from bankruptcy. My guess is that since Soupman sold all assets to GBI and is no longer a viable entity, just a shell, they will not re-emerge with the SOUP symbol. I believe the next piece of news we hear from SOUP/GBI is their plan for GBI to reverse merge with SOUP, with GBI offering % ownership in exchange for SOUP’s public shell.
Apples and oranges. SOUPQ has never ceased trading. Any more?
After stating with confidence that because SOUPQ emerged from bankruptcy 3 weeks ago their Q should be off by now as well, you ask a question like that? It’s clear you have no knowledge of Q’s or the timeline of Q plays. To get a better understanding of when the Q will fall off your best bet would be to message some of the long timers on this board who have actually been through Q plays where the company emerged as a viable entity and had their Q removed. There is probably a lot of paperwork and regulatory bs that needs to happen, which would explain the Q removal delay.
Can you give some examples of companies that emerged from bankruptcy as viable entities and had their Q removed immediately upon reemergence?
yes sir ticker and public shell sale, I’ll be happy with 40% ownership in the new SOUP
What is unfortunate? SOUPQ is now an empty shell, emerged from bankruptcy with a clean balance sheet. SOUPQ shareholders will have their shares replaced with SOUP shares, without the Q.
Gallant Brands (GBI) owns 40% of the O/S shares of SOUP. Now, until GBI comes out with another press release explaining what their plan is for SOUP shareholders, all posts on this board by bulls and bears are based on speculation. However, it's not hard to put together the clues to see the most likely outcome. In Thursday's press release the president of GBI thanked long-term shareholders (us), vendors, suppliers, franchisees, and customers. Would he thank SOUP shareholders if an unfavorable outcome was coming their way? Maybe but unlikely.
As you said, GBI did not buy the SOUP ticker and the empty shell still remains. GBI will want to keep the SOUP ticker and will do so by reverse merging with SOUP. We won't know the exact numbers until the next PR, but let's say they offer SOUP 30% ownership in exchange for the public shell. GBI would end up with 70% + (30% * 0.40) = 82% ownership of the new SOUP while the rest of the long-term shareholders (us) are left with 18%. Our % ownership in the new SOUP will likely be less, but the value of our shares will likely be greater. With 82% ownership, GBI will have the flexibility to offer future investors/partners a sizable amount of equity while maintaining majority ownership.
http://www.prnewswire.com/news-releases/soupman-inc-emerges-from-bankruptcy-300527223.html
"Gallant Brands, Inc. (GBI) was founded with the specific purpose of purchasing Soupman, Inc. assets and operating the company under new management."
? Think you’re misreading my post. I am 100% bullish and believe we’re headed higher. Was just telling Jpenn there’s no need to ask people their reason/logic for posting unfounded statements such as “Q is coming off over the weekend” or “$0.25 Monday morning” - Jpenn is looking for some kind of factual confirmation every time someone posts a statement like that, and there just aren’t any. These statements come from excitement and speculation, nothing definitive.
What better ticker to have other than SOUP
Jpenn I’m sure you can see by now that there’s no point in asking people their reason for posting bullish statements without any supporting DD... everyone is excited for the future of SOUP but that’s all their statements are based on.. excitement and speculation.
You got half right. Cancellation of the Q. Soon to be SOUP
Trading similarly to the 8/22 breakout. Up big day 1, sideways for a few days, then explode to 52 week highs
soon. 550k on the bid at 0.035
being held down by a few MM's but can only last so long, 7 MM's on the ask for .04+
They're in costco
there are probably many people still unaware of the latest SOUP news. hopefully more news outlets pick it up over the weekend and we get more eyes next week
look at that chase. shares are scarce and ask is THIN
You just lost all credibility there. No one can short a penny stock? Don’t be ridiculous, my broker has 250k shares available RIGHT NOW to short. Other brokers such as Centerpoint Securities/suretrader probably have even more
I think you are spot on. See my previous post
"About Gallant Brands, Inc.
Gallant Brands, Inc. (GBI) was founded with the specific purpose of purchasing Soupman, Inc. assets and operating the company under new management. GBI has identified one critical employee and has engaged a team of financial and food industry veterans with over 100 years' experience collectively as its management team. With an emphasis on strong cash flow, the Gallant team will implement simple operational changes, capable of saving the business over $1.2 million per year in spending while aggressively pursuing new business opportunities. Gallant is committed to communication, transparency, and accountability with the Soupman, Inc. constituents."
You are correct. GBI is private, founded by WealthColony specifically to purchase Soupman. Soupman is a clean shell with WealthColony owning almost 50% of the outstanding shares. Go read the Asset Purchase Agreement, or one of Dougster's many posts regarding the APA. Commonstock was excluded. Therefore, GBI will reverse merge with Soupman and the share structure will depend on the % ownership GBI gives Soupman. For example if GBI exchanges 40% ownership for the Soupman shell, GBI (WealthColony) will own 80% (60% + half of 40%, since they currently own half the O/S) while SOUP shareholders will get 20%. Previous Soupman shareholders will see their % ownership of the new company decrease, but with a cleaned up balance sheet and a strong cash backing, it doesn't matter. Our investments will increase exponentially despite the new share structure.
Stop being manipulative by posting decade old information that is irrelevant to the current standing of Soupman Inc, it’s getting ridiculous.
haha
hahaha. check the chart for SOUPQ on 8/22 and 8/23. 8/22 SOUPQ exploded for over 1000%, a MUCH bigger day than today. What happened on 8/23? Closed GREEN
definitely. this ran to 0.059 on speculation alone. now we have facts and an actual PR.
agreed! more eyes on SOUP going into tomorrow and then again over the weekend. Q falling off will also be huge, hopefully some whales buy in after. Shares will continue moving to strong hands and with the small float, .10+ easy
check the chart - 8/22/17 - .0015 to .0149 - then 8/23 it closed at .015 then 8/24 it closed at .0195