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Exactly! I wonder what Frank has to say about these misaligned incentives for Cohen. I think Cohen and his buddies are going to try and take this company private for pennies. I haven’t forgotten Cohen giving an interview where he said he and his friends write big checks. Cohen and his friends own most if not all of that series A preferred.
Can’t imagine it will be long before someone hires an attorney.
WRAPs CEO has misaligned incentives. Mr. Cohen’s continued failure to file timely financials garners him an increase to 20% on the Series A Preferred dividend.
Mr. Cohen has orchestrated the following:
1.) Systematically eliminated anyone with decision making authority and shuffled the Board of Directors.
2.) Issued a Series A Preferred, (of which he purchased 30% of the offering), with a triggering event for failing to file timely financials that raises the dividend to 20% from 8%.
3.) Failed and continues to be delinquent with Wraps financial reporting triggering an increase in his Series A Preferred dividend to 20%
4.) Failed to pay the dividend on the Series A Preferred and is delinquent.
5.) Entered into an Amendment Agreement for the Series A Preferred allowing the now 20% dividend to be paid with heavily discounted common shares thus diluting common shareholders and saving the cash.
CEO Cohen and his buddies make 20% as opposed to 8% on his series A preferred as long as they stay delinquent. Of the 10,000 shares of the series A preferred, Cohen took down 30% or 3,000 shares. Better yet they’ve decided to pay that dividend in heavily discounted shares to dilute the common shareholders and save the cash for themselves.
Yes - what do you plan to do about it?
However, let me go on record as saying nothing about Friday’s disclosure smells good.
Looks like blue skies ahead. Lately you’ve been a fabulous contrarian indicator.
Could be. Can’t imagine it’s too long before the security attorneys show up to pick at the rotting carcass
Diluted with discounted common shares to pay the delinquent dividends on the preferred? Hmmmm? Where did the $10MM go and why can’t they meet their financial obligations? I love how the CEO who owns some of the preferred decided to pay himself heavily discounted common shares.
That’s the spirit
Can’t say I’ve seen anything from him since late June.
Too early? I’ve been hanging around the rim for a couple years listening to you pump this thing while I was saying it’s too early if ever…… I even started to count it out 1-2-2 1/2 Lol! Unfortunately, your credibility is shot. The product has more traction now than it’s ever had. It’s either now or never so I’ve decided to take my shot
Added @ $1.54
Yawn!
I may have to sell. I don’t want to. However, your relationship has always been toxic
And you decided to swipe right. LOL
Are you badmouthing your date again? Let me know when you leave her……. She’s always been much better without you.
Verification you haven’t learned your lesson?
Old news. Wonder what took them so long to PR this
Please just leave her alone
We may need to look into a restraining order.
Oh no! You’ve become a contrarian indicator. Sell! Sell!
Just goes to show you never knew her
She’s taunting you
Triggered for sure. Wrap has pushed you over the edge 😂
Just wanted to make sure we’re clear for takeoff. You two just don’t make a good couple.
Have you been triggered? Your stops …… not you personally 😂
Took her back and hired a P. I. 😂
You are not that investor. Preferreds went to accredited investors with deep pockets making a longer term bet on this company. Total $’s were what? $10M across a number of deep pockets that get to collect 8% while they wait to see what happens.
I could explain it to you but I can’t understand it for you.
Do you see the share count exploding upwards? No….. no you don’t. You really need to educate yourself on convertible preferreds.
Big news! Mullins sells 12,730shrs…….. still has 483,421 left. LOL! Hulk Hogan? More like Chicken Little.
And yet here you are
Same thing you posted on 06/28
You seem triggered today
Definitely not a glowing report. However, any expansion is good expansion
Again…… absolutely no reason to convert at these prices. I could explain it to you but I can’t understand it for ya.
Pretty sure you don’t understand how the Convertible preferred works. Absolutely no reason to convert at these prices
Yep - a restraining order is needed.
Frank does not agree with you
BolaWrap $WRAP is not a fly-by-night company. It's not a stock you trade around. It's a disrupter.
— Frank Curzio (@FrankCurzio) June 24, 2024
How do I know?
Because I've done the research. I met management... I got shot by the device (twice)... and I conducted interviews with high-profile people in law enforcement. pic.twitter.com/fZWVgjme7N