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Keep in mind the company is planning to retire the previous managements 12 bil o/s shares. That PR would send this to who knows,
Here's the first corporate update where is discusses that for anyone interested,
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=137398155
Right. So who knows what will happen.
Yeah I called the o/s is currently over 2 billion.
This doesn't make sense, how could they reduce the a/s to 480 mil if the o/s is already over 2 billion? Sure you had the right ticker?
Nice find, this should be a sticky too.
Can a mod please sticky the news.
Have you looked at puro?
New bitcoin/blockchain play. .01 check the pr from yesterday,
https://ih.advfn.com/p.php?pid=nmona&article=76399309
https://bitfrontiercapitalholdings.com/
The old company did,
https://www.sec.gov/cgi-bin/browse-edgar?company=purio&owner=exclude&action=getcompany
How does that work? Would this old companies filings still exist and the new company would have a different page?
They filed for a new cusip number and name/ticker change with finra that will go into effect next Friday. Should they have filed with the sec first? How does that usually work?
Thanks.
PR later this week update on funding,
PURO bitcoin/blockchain ss restructuring news,
http://markets.businessinsider.com/news/stocks/Purio-Inc-PURO-Provides-Corporate-Update-on-Recent-Restructuring-and-Closes-on-Merger-1012435645
PURO bitcoin/blockchain ss restructuring news,
http://markets.businessinsider.com/news/stocks/Purio-Inc-PURO-Provides-Corporate-Update-on-Recent-Restructuring-and-Closes-on-Merger-1012435645
Imagine the PR saying the previous owners shares have been canceled. 12 bil o/s reduction for a bitcoin blockchain stock?
They seem pretty confident that the shares are invalid, hard to imagine them choosing this shell if they were? Any legal experts on the matter in here?
PURO bitcoin/blockchain/ ss restructuring news, also just had a fire sale,
http://markets.businessinsider.com/news/stocks/Purio-Inc-PURO-Provides-Corporate-Update-on-Recent-Restructuring-and-Closes-on-Merger-1012435645
PURO bitcoin/blockchain/ ss restructuring news, also just had a fire sale,
http://markets.businessinsider.com/news/stocks/Purio-Inc-PURO-Provides-Corporate-Update-on-Recent-Restructuring-and-Closes-on-Merger-1012435645
Janice, a couple weeks ago you were nice enough to answer my question on a reverse merger where previous owners held 12 bil shares that were never registered, just a quick follow up,
I don't see it.
It's not numbers on a website it's just simple math. The o/s is 12.4 billion it says so in the filings. The previous owners shares are restricted but not cancelled. The new CEO has super voting preferred shares so he still has control. The question is what is he going to do with the SS. Could be a R/S in my opinion. Hopefully he let's shareholders know in the first corporate update.
Current market cap is way to high right now. 155 mil for this new company with 12.4 billion shares in the o/s. Need to know what is going to happen with the share structure, reverse split or retiring the shares the previous owners held.
Conversions of what though? There was no toxic debt listed in the interim financial reports.
https://www.otcmarkets.com/financialReportViewer?symbol=BLKCF&id=180393
They just closed a private placement for 40 million where each unit consisted of one share bought at the offering price of 2.55 (Canadian) and the right to purchase one warrant at 3.50.
https://finance.yahoo.com/news/global-blockchain-closes-bought-deal-183600140.html
What am I missing? Could it be the "non transferable compensation options" the underwriters got?
Only 17 in the US and Canada from your link. Point360 is one of them.
The CEO owns 54% of the common shares, there are no preferred shares, and they have 3 million dollars to reorganize and exit chapter 11.
I'm sorry but this reply makes no sense.
Add to all this the fact that there are no preferred shares here, and the CEO owns 54% of the common shares.
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11731414
This isn't a link to any pacer filings, what it does say is this,
Chapter 11 is re-organization, Chapter 7 is liquidation where a company is past the point of reorganization.
How does this not sound like reorganization? He literally says he made a personal guaranty that illustrates his confidence in their ability to complete the reorganization. Are you saying the CEO is trying to mislead?
What about this from the news release?
Haig S. Bagerdjian, the Company's Chairman, President and Chief Executive Officer said: "We are pleased to continue our relationship with Austin. The amendment is a major step our capital and balance sheet restructuring process which began with the October 10 filing of the bankruptcy petition. My personal guaranty of borrowings under the Company's Austin agreement illustrates my confidence in our ability to successfully complete the reorganization."
Why .50? Just briefly checked their last Q, what do they do?
Thanks.
It looks like Avocets deepwater lng is a separate project from Delfins,
Really hard to say Delfin Midstream isn't connected to Delfin LNG considering this,
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=137149991
Is it possible for two Delfin Midstream LLC's to exist? Two that are connected to our temporary CEO?
I don't know what Delfin Midstream and Nichols want out of this, I don't think anyone can say for sure, but the shares Egan kept need to reach .11 for him to make the money back on the debt he is expected to forgive here.
The above link links back to a filing that shows Delfin Midstream LLC is associated with another company Avocet LNG, which also has a large deepwater project in the works,
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=137146743
https://www.hoganlovells.com/en/news/hogan-lovells-advises-avocet-lng-in-acquisition-of-grand-chenier-system
maybe it has something to do with that? Avocet, along with Delfin LNG are both owned by Fairwood Peninsula Energy, they're all connected,
Again, Micheal Egan is a Billionaire. 68 year old graduate of Cornell and successful businessman,
https://sha.cornell.edu/about/deans-welcome/deans-advisory-board/egan.html
Does it really seem like he might try to fool around with filings in order to sell a couple hundred grand of stock? Why did he forgive 2 million in debt the company owed him? What is he expecting here?
These are the questions we hope to find out.
It won't be 30% ownership in the end though. I would think they would be issuing tons of shares to the backers of the 8b project or restructuring in some way? I doubt Egan would end up being a 5% owner in this huge company just for the shell.
According to a few pieces I've seen the fair market value of the old loss corporation is it's market cap the day that the change in control takes place, which is the 31st here.