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It really couldn't be more clear from Ken Patels public posts and the reverse split announcement, that their plan is to bleed out current shareholders by allowing the price to tank. The only question is how long they will keep it up. I somewhat doubt they will allow it to dip all the way to .0001 before the split but you never know.
I just imagine the split will occur well before there is ever a hotel built, since they appear to have almost no funding, with respect to the amount of funding needed.
It is exciting to see that after about 5 months, the document has almost fully been typed.
Tbh, you're not wrong. Bapesclan floor price has dropped over 92% in USD value from it's high, in the past 4 months. Hopefully that wasn't to be used to aid funding.
Literally none of that investment involved NFT's or the stock market. It's surprising to see how many negative posts here are actually off topic, having nothing to do with this shell, or the stock market at all. Kind of makes me more bullish about the potential of this shell.
FTT and Cel have absolutely nothing to do with this shell, or anything regarding the stock market at all tbh, aside for Voyager, Robinhood, Coinbase, and Silvergate bank. Which all equally have nothing to do with this shell. That was a very strange off-topic post. Lol
When you really think about it the assertion that very many hotel owners are franchising his hotel model, when he hasn't even tried it in practice himself, is pretty absurd.
It would be absurd for one person to franchise his model that he has never enacted himself but the thought that 119 hotels are franchising something he has never done himself makes it even more improbable.
It's wild to think that even at $.0001 people will still justify the need for a 1 for 100 split because they'll truly believe getting to 1 cent will be necessary for NYSE up-list, lol.
I suspect that if the split isn't called off, they'll just increase the rate of the split to rob shareholders faster.
I have a feeling that the $100 monster bid holding the floor at $.0004 will break within minutes. Lol
And here I was worried that it was a hotel company with no hotel. lol
Announcing merger officially complete across all socials, followed a week later by stating merger is not complete and there are numerous things that must be done to complete it, absolutely destroyed trust, let alone the reverse split nonsense on top of it.
A CEO of a private company announcing a reverse split for a public shell stock that he is not an officer of, is definitely out of left field. I have never seen a private industry CEO announce a reverse split for a stock that is not his before.
Pretty much everyone expected an eventual reverse split but he front ran the announcement before even having a stock of his own, purely to hurt PLPL investors and limit incoming new investment.
The true irony of you using "Doc" because that was my buy earlier. lololol :P
I don't think so. Mergers are a universal language across all industries, especially in real estate and hotels. I was literally at a NYSE listing party celebrating the Selina hotel merger just a few weeks ago.
There's no way Ken Patel could use not understanding the OTC Market as an excuse for not understanding how to properly portray a merger, when it is something that constantly occurs in his industry.
As all that have been in the game for a long time, I have had losses on various stocks over the course of the past 20+ years but this is the first time where the con was so blatantly and proudly portrayed.
This is the first time I'm considering filing an SEC complaint. You can't just go around announcing merger completions followed a week later by LOL we lied it's not complete and you're getting a reverse split, and then when investors ask about it you either ignore them, dismiss them directly as being unimportant, or even post to reprimand them all collectively for responding to the CEO's posts with banter about what is supposedly intended to be stock in his company.
I have never seen a ceo repeatedly mess up or show disdain for investors so many times in the span of a couple of weeks.
He's doing everything but straight up demanding that we all sell because I guess that would be illegal. Lol
No Ken Patel posted on all his socials back on 11/3/22 that the merger with PLPL was "officially closed" to suckered people in before the reverse split news a week later that said the deal was not closed. He wouldn't have been able to bring max pain to shareholders without posting this first to fully wipe them out from higher levels.
One of said posts can be seen on his Twitter here, surprisingly still not removed:
EV Hotel has officially closed on the merger to go public......#hospitality get ready! 🚀
— Ken Patel-Chairman- EV Hotel AI Smart Hotel Brand (@KenEVHotel) November 3, 2022
More news coming on Tuesday with official press release.
EV Hotel Corp. and Plandai Biotechnologies Close on Merger Transaction to Create the Leading Smart Hotel Brand - EV Hotel Corp. pic.twitter.com/7sDED6Cu9e
Ironically out of the very many penny stocks I have seen claim to intend to reverse split for up-list, only a few actually did and they were all Nasdaq. None claimed to aim for the NYSE.
Of those that did up-list to Nasdaq, all of them fell pretty hard after up-list and have yet to recover.
It wasn't sincere and his following post confirmed that it had nothing at all to do with this stock. He's just one of those people that randomly posts motivational things and life advice, not necessarily to do with his own life. Four hours ago, todays motivational message was ironically about the importance of investing in the stock market. Lol
The one about asking for help being a sign of strength, wasn't him asking for help, he was just telling people that it would be good for THEM to do so. Which is why he followed up to say his messages have nothing to do with this stock and he ignored all advice.
No, he posted that asking for help is a sign of strength. The then refused to accept any assistance and said that he will not backtrack on his decisions, this showing a sign of weakness. But admittedly his decision to do each of those hours apart is pretty hilarious. Lol
Each day since that last exciting news release finally came, I have wished I sold prior to that news arriving. Since Ken Patel appears to take joy in hurting people financially I assume part of their partnership news will include the reverse split being upped to 1 for 300 or worse, due to the price decline.
I honestly don't even think this is dilution, it's just people wishing up to the scheme here. If the plan was to dilute they wouldn't have announced a reverse split to tank the price before selling at the lows.
This traded better as a shell stock with no company involved than when this toxic ceo became affiliated with it. At this point the best case scenario is for EV Hotels to be dropped, it goes down a mere .0002 from here and they start fresh with a new merger partner that doesn't seek to bury all the shareholders.
Yup, coming close to losing the .0004 bid. I'm surprised it hasn't dropped faster. I still think there's an off chance that Ken Patel is purposely trying to get the price as low as possible to acquire them on the market because I'm steadfastly convinced that no CEO could be this ignorant.
Or he just enjoys hurting people, which could also be the case. Either way, this has to be purposeful. There's 0 chance that 40+ people could tell him directly specifically why the stock is going down and he's sitting in his office trying to piece together what is going wrong. He obviously wants to wipe everyone out, at least in the short term.
There's no way he spent $50 to $100 million on EV Hotels. He doesn't even have the funds to buy shares of this penny stock without reverse splitting it to get them for free.
If you click around through his followers, you'll notice that most of them are paid bots/fake accounts. I randomly noticed over the weekend and was surprised to see someone would pay for fake followers for their personal account. People usually just do that for business pages but either way fake followers aren't the way to go.
Lol, I just noticed Ken Patel really deleted this guys simple comment from his status post about the stock. This goes to show that this is a man that cannot take any sort of criticism and only accepts praise.
If a simple question like this is scrubbed that is as much of a big red flag as you can imagine. I'm out of this one after today. He deleted the guys comment because the answer to his question is a resounding no, lol. Good luck to all:
That comment was posted in response to this status:
https://m.facebook.com/story.php/?story_fbid=pfbid02PXRJo6B9Sczf2YQpGjMngNsMwGCTyfrdzs9xYYH3NtP1N8ZaL7QWMKZuxAMxGvzAl&id=100076074557739
Probably a drop to .0001 or .0002. But I think that would be the more bullish situation because you could then wait for the next merger partner and ideally it would be a company that doesn't appear to be an early stage start-up, with a competent CEO that doesn't announce a reverse split plan before even merging.
People didn't really beat him up for his post about asking for help being a sign of strength. They offered him help which he pretty much sneered at and declined and stated in a following post he's still doing it his way without any backtracking. Therefore, as per his own post mere hours before, showed a sign of his own weakness.
Perhaps he is being taken advantage of but seeing the way he talks to investors directly shows me even if he is being taken advantage of, he's just as bad. I have 0 trust that he won't ruin this for current investors.
Omg, that CEO posted the same sort of bs lie about their acquisition/merger being completed that Ken Patel did regarding PLPL before announcing it actually wasn't.in the following PR about the planned reverse split. I hope this works out for everyone I really do but this looks sketchier by the minute.
At least the EV Hotels merger hasn't been full on called off. At least not yet.
This is actually the first time I've seen a CEO just appearing to so publicly display that he has disdain for investors that believed in their company.
Like, he clearly hates us and seems to want to bring us as much financial harm as possible. I wouldn't be surprised by an announcement of an even larger reverse split plan soon, just to bring it down more, since the 1 for 100 plan would only hit 5 cents at this point.
But then we could 1 for 100 split to 2 cents to get to the NYSE! Amiright? Lol
Even more wild is that people really think this split is to up-list to NYSE. At current price that split would take this to 4 cents and most likely by the time Ken gets some more tweets and Facebook posts out that 1 for 100 split will only take it to one cent.
The split is likely just meant to wipe out current investors, so he can issue free shares to himself, without having to go through the hassle of buying them. The lower he can get the price, the more he can increase the split parameters, in order to wipe out even more of your shares.
The strangest part of it was the early reverse split announcement before merging in. They not only seek to wipe out investors later with a reverse split, they also wanted to take away any hope of investors making money prior to merger completion.
They actively sought to completely wreck everyone in PLPL just because they can. One of the more cruel CEO's I've seen in penny stocks because usually even the most hardened criminal scammers don't screw investors from BOTH sides of a deal. Ken Patel's complete disdain for PLPL investors became fully clear to me after I saw this recent exchange. If this doesn't show disdain for all current PLPL investors I don't know what does:
If they were smart, they would have loaded the lows quietly and this story alone, especially if the first completed hotel opened, would have made Ken and team pretty rich. Instead they're going to reverse split the only OTC investors that wanted to give them a chance and have horrible volume due to splitting in a bear market. In 20 years I have only seen a few reverse split penny stocks see steady gains afterward and those weren't during bear market periods.
I have no idea. I hadn't even really taken into account that there are known chefs really. I definitely don't know any of them. Lol
A bunch of my friends have Michelin Chefs stationed in their offices at work. I don't foresee that having any impact on share price. But this does remind me I should visit some of their offices sometime soon. Lol :P
Immediately after reading that PR I put a pre-market sell order in for $.0011 and it opened at $.001 #Wrecked X__X lol
Yeah, Patel and teams numerous false posts claiming the merger was completed, followed by the PR showing it was not completed and will involve a reverse split when completed, now just seem designed with the specific intent to financially harm PLPL investors.
It appears that he quite literally does not want anyone investing into PLPL right now and is doing his best to deter anyone from buying this stock prior to merger completion; without just bkatantky posting "please do not buy this stock" lol. Which puts his previously posting that the rising price confirmed interest in the merger into question as well.
There's really no other way to look at them purposely posting false info, letting it sit for days pumping the price, only to purposely announce at midnight (to ensure an open well below prior closing price) that it wasn't true and a reverse split is coming. It was almost certainly announced at midnight specifically to ensure they could maximize the amount of sell orders stacked pre-market to ensure the largest price decline for the day. It was either purposeful intent or blatant ignorance, neither of which bodes well for investors.
His recent update after around 40 people on his page pretty much begged him not to split, just showed disdain for the investors and showed that he has a complete inability to take criticism or listen to reason from anyone other than himself. Which is ironic because his post immediately before that was about the ability to ask for the help of others being a show of strength. Pretty hilarious when you think of that tbh.
I have no idea whether EV Hotels tech is patented, or if it even actually exists outside of text descriptions or verbalized statements/videos.
Very many of them claimed to have revolutionary tech but they did not specifically claim to have THIS revolutionary tech.
To be fair he just referred to their institutions. That could literally just be referring to the fact that he has more than one bank account. Not dealing with more than one institution as a non company running everyday person would be pretty odd, tbh.