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Anytime you’re ready to compare batting average, me calling out scams, you pumping the latest POS pump and dump scam, I’m ready. You know it’ll turn out I’m batting 1.000
It’s expert market. There is no level 2, no quotations, bid, ask, not allowed.
Nope, the RS is still pending until they file an amendment that specifically says it isn’t.
Yes, it does work that way. They’ll only include the things being changed in their amendment to the corporate charter. If they didn’t mention it, then the RS is still pending.
Yeah, yeah, I know you’d prefer a boiler room where you could pump this China hustle scam to the naive without the pesky truth being posted, but it ain’t happening. This is a pump and dump scam, no question about it. Multi-billion dollar companies don’t merge into scam stinky pink shell companies and hand over their ownership to its con artist pumper shareholders for nothing.
Nope. Still pending
Exactly. In order to rescind it, they’d have to directly say it. Not mentioning it simply means that nothing has changed with respect to the pending RS.
What a monumentally stupid thing to do, diluting the crap out of this stock before making it through the 10 trading day compliance period.
Those “newbies” best check track records, ready to compare anytime you want on the stocks pumped vs those I’ve called a scam. Bet I win.
It was filed with the NVSOS and posted all over the place here and on social media. Until they file something that specifies directly “we’re not doing a RS,” then it is still pending, and, no, failing to mention it when they changed the name back to the cannabis company doesn’t change it.
The last published O/S was just under 1M shares. They’ve traded almost 9M shares, and it appears to be dilution. If they’ve been diluting this stock when they needed to maintain their NASDAQ listing by keeping the bid above $1 for 10 days, they’ve screwed up royally.
This scam still running?
You know the scam, the China hustle, where they claim a multi-billion dollar mystery Chinese company is going to move into a stinky pink shell and hand over their equity ownership to a bunch of OTC con artist pumpers for nothing. This one now claims they had to change their name back to the cannabis company in order to file their overdue financials, the financials that will show that it’s not a multi-billion dollar company at all and will have to show who they gave those 1.6B shares to once and for all. Here’s a clue, they didn’t have to change their name back, they made that up as an excuse so they could kick the can down the road, all they’d have to do is show the corporate charter with the name changed to OTC markets.
Same multi-billion dollar company that apparently uses a virtual office in Canada and whose CEO apparently uses a gmail equivalent for his email address.
The RS is still pending, btw.
This is pure scam, and there’s no clearer indication than the chorus of con artist pumpers singing about their good fortune hoping they can dupe naive investors into buying their stock.
Nope, that was the 2nd 180 period, compliance is required this time.
Here's their first notification last March:
https://www.sec.gov/Archives/edgar/data/1402328/000168316823001754/sunshine_8k.htm
A multi-billion dollar Chinese company using a virtual office with a CEO that uses an equivalent to gmail for his email service.
Sounds legit.
This is a scam.
They're into that 2nd 180 day period already. They need to hold the $1 for 6 more trading days.
They're getting dangerously close to delisting. They have to hold above $1 bid price for 10 trading days, and this is the 4th since the RS.
BS. If the RS was no longer in play, they’d have to explicitly say it like they did when they changed the corporate charter to put it in.
As long as there's liquidity, there'll be shares to sell. They appreciate everyone's help in pumping out the shares.
You probably should read the actual agreement and proxy. There were convertible notes for RWOD, not LEAS, the CEO gets 1.4M of 6M shares, the rest of the distribution isn't specified at all. There's absolutely nothing about LEAS preferred shareholders getting convertible notes.
Because they can do the math and distribute the RWOD shares as if it had been processed. It was already approved by the shareholders (the CEO controls the vote) in 2021, recorded in the corporate charter and well advertised. The owners of ANEW (those preferred shareholders) aren't going to give you their company.
Oh, it's very legal. The company has been up front the whole way about the capital structure they intended. Why would you feel entitled to any stake in the company he and his co-owners built with their money?
They can distribute the RWOD shares any way they want. That’s the deal. They can distribute them as if the RS had been applied, as it was approved and included in the corporate charter.
So, essentially all of the IPO stock (and the cash in the treasury) is being redeemed, leaving the coffers essentially bare. Seems the common shareholders knew better than the $60M valuation crap on an OTC company trading for a fraction of that with nothing going on. The O/S when it settles will be 3.5M-sh, 9.5M-ish when they give the stock to the ANEW folks (dilution), and you'll have a company that hasn't done jack for a couple years with no cash to do anything with, even after the business combination, with 9.5M shares in the O/S at an unknown price. Right out of the gate, they're going to have to do an offering to raise cash.
NASDAQ investors pay attention to business performance. When they see the balance sheet of this combined company with nothing going on and nothing to do it with, they're not going to be lining up to get in on an offering and are going to laugh at the $60M "valuation" RWOD assigned to it.
Sorry, bud, but from the start the owners of ANEW said they were doing the 1-2500 RS. It was there in every financial document they published. That would have the effect of lowering the O/S to a little over 400K shares. When they merged in, they got just over 400K preferred shares that convert 100-1, meaning 40M shares. It was very clear to anyone who could read that the owners of ANEW were going to own 99% of the equity in the public ticker LEAS. And they should, they're the ones who started and invested in ANEW when it was private, they owned 100% of it and weren't going to give it away to the bagholders of a stinky pink shell company.
Only when the RWOD deal looked like it was going through did they say they no longer needed the RS, but they've never published what the exchange was going to look like. You can get a clue about that by looking at the CEO's portion of the 6M shares of RWOD, he gets 1.4M of it. The other preferred shareholders will very likely get the lion's share of the remaining 4.6M.
The worst case scenario would be the mathematical equivalent of them doing the RS they’d planned, leaving the legacy shareholders of LEAS with about 1% of the 6M shares or 60,000 to divvy up between over 1B commons.
The CEO had a 30+% stake in his company, and is taking 23.3% of those 6M shares, so it might be slightly better than worst case, but I doubt it’ll be anything close to 175:1.
The company has never stated a conversion ratio. That 1:174 crap is just "speculation."
The company did say they were going to essentially have the owners of ANEW (those who invested in it prior to inhabiting the LEAS shell) own 99% of the equity by effecting a 1-2500 RS then converting the preferred shares into common. With the RWOD merger, they later said they no longer needed the RS, and they can distribute the 6M RWOD shares anyway they want since they control the vote. That is reinforced by the CEO getting 1.4M of the 6M RWOD shares.
Just add to your follow list anyone you'd like to know when they post. You won't get an email, but you only need to look at that list to see if there's new posts.
That's why I keep repeating they have never said how they'll distribute those shares. If, for example, they distribute them to the former shareholders of ANEW, the common shareholders of LEAS will get nothing (or very little).
RWOD is about to be diluted a lot, too, and since it looks like they'll be distributing just about all their cash to the shareholders who have chosen to redeem their stock, they'll have to sell stock to raise money to do anything.
They have never said how those shares were to be distributed.
LEAS had planned a 1 for 2500 RS of the common stock followed by the conversion of the preferred B's held by the owners of ANEW (pre-RM) into just over 40M shares of stock. The RS would reduce the O/S to a little over 400K shares, meaning their intent was for the owners of ANEW to own 99% of the equity in LEAS after the RM. Makes sense, since no LEAS bagholder had given them a plug nickel for the growth of ANEW, that was the private investors.
Sometime after the business combination was announced, Sinkule put in that they no longer needed the RS, and he's right. They can distribute those RWOD shares any way they want to, and considering that Sinkule just took about 23% of them, I'd expect those Preferred B holders to get the vast majority of the remaining. Sinkule has complete control over the distribution, since he owns the vote.
Page 26...
He gets 1.4M of the 6M shares.
Did you see how many of the 6M shares that Sinkule gets?
Looks like the common shareholders have elected to redeem their stock, leaving the coffers bare. If you look on page F-17, it says the common stock subject to redemption as of 12-31-23 was valued at $18,564,656. That’s down nearly $100M from the IPO, gone. Then on page F-24, you see 1,739,776 additional shares elected to redeem, so that’ll wipe out nearly all of the cash. That’ll leave about 3.5M or so shares outstanding, most all of them insider shares, no cash, with dilution of 6M shares coming if they close the merger.
RWOD is toast.
And whoever that blogger is, they don't know jack.
Those were not OTC stocks. Ever. Stocks that trade under $5 are considered "penny stocks," but may be listed on an exchange.
Do you understand the difference between "OTC" and "Penny stock?"
I don't think you do.
Those weren't OTC stocks.
Show me where the doctor said that (an internet persona saying the doctor said that doesn't count, probably just pumping), and I'll show you a clear violation of Reg FD.
If there is a merger, there won't be any cash left in the treasury with all the stock redeemed...
LEAS had planned a RS so that the preferred shareholders (the folks who'd invested in ANEW) would own the bulk of LEAS, but (apparently) couldn't get FINRA to process it (big red flag). I expect if there is a merger, the preferred shareholders will get the bulk of those new RWOD shares. You've noticed they haven't said how that will work, right?
Nope, sorry. The ones pretending to believe something that is factually absurd, and then pretending to be offended/harassed when it is corrected, are the trolls. Nobody here is stupid enough to believe that crap about a buyout of a liquidated and shutdown company (giving the benefit of the doubt, here), so pretending to just to see if McCoy or Toncat will respond just so they can post about the response is textbook trolling. Those two have a sure win, based on reality, and it's a way better position to be in than those who spend their time (24/7/365) just trolling them. That's a pretty pathetic life.
What do you think the end game is for the trolling side? What does a "win" look like? Acting dumb and pretending to believe the factually absurd?
The shareholders of RWOD have the option of turning their shares in and getting their investment back plus interest. They’d do that if they are not in favor of handing over the 6M shares of dilution to an OTC company that is trading at a market cap way less than the value of that stock and that also isn’t doing anything because they have no cash to do it with.
If the "doctor" is already violating Reg FD and answering email inquiries to miscellaneous OTC "investors" before a proper disclosure, I'd be surprised.
Based on reading through the various RWOD 8K's, sure looks like a lot of their stock is getting turned in for redemption.
Very weird trading, lots of 1 share trades, like they're trying to clean up the books before the reverse split tomorrow.
Wonder where they'll paint the close?