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I did!
Usually there's an online error message that directs you to call in. The broker I spoke to said there's a cease trade restriction in BC and if one jurisdiction has it, then all jurisdictions have to apply the cease trade. I swore so many times that I'd switch banks for my trading account. :(
I know it is but Canadian TD won't let me buy any due to the cease trade restriction.
They are brutal with pennies. I missed out on quite a few nice runners because of past restrictions they had on some tickers (totally legit ones too).
Hope you all do well as I'm forced to cheer on the sidelines...
GLTA
So frustrating that I couldn't get in on this last week (TD Direct Investing trade restriction).
Good luck all of you who are in this ...
I have to run out for a bit, but see this link for example which says the acquisition is anticipated to close before August 10th:
http://www.4-traders.com/ON-MOVE-21107344/news/DGAP-News-OMVS-Robotic-Assistance-Devices-Hires-VP-Sales-24440102/
I asked for links a few days ago in one of my posts about the acquisition/merger deadline and someone responded with links. First they expected it to close by August 10th and later expected it to close before August 10th.
Also, I am just speculating that the definitive agreement was already signed. I think it was simply a conditional definitive agreement that spelled out the documents that needed to be reviewed to the satisfaction of RAD and OMVS.
I think it had to be entered into by today (according to the LOI). But all that means is that the agreement was signed. Analysis of the disclosure documents could simply be part of the conditions that have to be fulfilled before the merger/acquisition closed. For example, the agreement is conditional upon RAD being satisfied in its sole satisfaction with its auditors' review of OMVS's convertible debt agreements, etc. If the conditions aren't fulfilled (or waived by the party who stands to benefit from the condition), then the deal just automatically dies.
Yes, QTraderQ, you are most likely correct (especially given your CPA background). The accounting here is very complex involving derivatives and other abstract entries.
I think they should be close to sorting through this stuff and I fully expect they'll hit the mark (conclude the merger/acquisition) before the end of the month ... in other words, I think they gave themselves a good buffer this time around when suggesting an expected closing date.
Common Tecco, work your magic and close those acquisitions!
ELTZzzzzzzz (a sleeping giant for now)
LOL, love your posts BTKV.
A beautiful day, all in all.
Lights were turned on and a few cockroaches scattered.
Again, it's these wrong assumptions that cause people to lose money. There was never a self-imposed deadline. There were never any lies.
The actual closing date contained in the definitive agreement is unknown. The binding LOI stated that the parties would enter into a definitive agreement (not close the definitive agreement) by August 10th. The parties obviously entered into the definitive agreement well before August 10th. We know this because due diligence conditions contained in the definitive agreement were fulfilled sometime ago as stated in the July 6th PR. You can't fulfill conditions for an agreement that doesn't exist. In the July 6th PR, it also states that they were preparing the relevant disclosure documents which must also be related to the definitive agreement (again, you can't prepare disclosure documents for a nonexistent agreement).
After the definitive agreement was signed, there were some PRs stating that OMVS and RAD expected to close the definitive agreement (e.g. the merger/acquisition) before August 10th. No lying there, now was there? Unless they expected to close it after August 10th and they lied about their expectations. There was never any self-imposed deadline either. Read SR's tweets carefully and read the context. He was simply referring to the merger closing, nothing else. He too likely expected it to close by August 10th but, admittedly, he provided full disclosure and told people that he wasn't busy tracking the merger/acquisition's progress other than knowing that it was 97%, 98%, and now 99% set to close. Not set to close by a specific date, but set to close. Period. They are already well ahead of schedule which is what many fools fail to see. Technically, the definitive agreement detailing the acquisition/merger was supposed to be signed by today. That's it. That's the only deadline here. My guess is that it was signed back in June. The closing of the definitive agreement was likely set for 2-3 months after the signing of the agreement or 2-3 months after the August 10th date. I don't know how it's worded, no one does. Either way, they are ahead of schedule.
If I was a betting man, I'd bet the RAD merger/acquisition closes well ahead of August 31st and that news hits at least several days before this new expected closing date.
Some people picking up some bargains this morning. Wow.
The reality is that the RAD acquisition will close. If you spend a bit of time doing DD (which involves careful reading) - and ignoring some of the nonsensical statements and assumptions on this board - you know this already.
LOL scared hands and flippers getting smoked here. Longs have been through this before.
Know what you own and know how the real world works (i.e. yes, there are business delays) and you'll do just fine here.
OMV$$$$$$
Here's what I'm looking at. Nothing in the question about whether the merger was on track. Was there another post I'm missing?
Penny Stock Alerts? @greatstockpicks Aug 8
Is merger still 99.75%?
Steve Reinharz? @SteveReinharz Aug 8
I'm now 98.25% certain merger will close ??
Incorrect. No one ever said there's a 98%+ chance that the merger would close on time. The 97-98 percentage predictions were simply that the merger would close, but those percentage predictions didn't apply to the time for closing. No one, except OMVS and RAD, know the actual closing date stipulated in the definitive agreement. And there are likely extension provisions in that agreement. They are likely way ahead of schedule for closing in any case. The expected closing dates are just that, expectations, not due dates.
It's like you keep trying to answer a question that I'm not asking you.
I'm telling you again, you have no idea who the convertible note holders are nor do you know the specific terms and conditions of the said notes. You are automatically assuming that all convertible note holders will exercise the conversion option and that OMVS is otherwise completely impotent (notwithstanding that they retired some of these notes in the past). Not only that, you're saying they keep issuing more but, again, you are making the same assumptions and freaking out. If you are scared, sell.
And you're saying who cares which notes are converted and when? Are you serious? Why aren't you taking into consideration the specific terms of the notes or the identity of the issuer. And, no, the noteholders aren't immediately selling and locking in their equity gain; at least they're not converting it all at once. You obviously know this if you've read the financials. The timing is extremely important for many of the converting noteholders since they don't have a fixed conversion rate but rather discounted and/or based on VWAP, or whatever other lowest-price over preceding trading day formula.
Yes, I correctly assume that the stock price is going to keep going up, that's why I took a risk at jumping in at 0.03. And seeing the potential of this company, I'm here for the long haul. I'm also going to assume that the converting will be done, if at all, in a structured way with minimal impact to the pps. If the o/s doubles I frankly don't care. There are other considerable variables at stake here besides having a lower float.
Well thanks for that long winded message but I didn't learn a thing.
Can you tell me how you know for sure that the $20,000 reduction in the balance owing on the November 2013 note is attributable to the note holder's conversion rather than anything else?
Do the filings tell us that all 22,664,960 of shares were a result of only those notes that were converted before their maturity date?
Thanks for the explanation of your last paragraph, but you need to reread what I said. Only of of those referenced convertible notes is applicable for the time being (because we are currently in August).
Those other notes cannot be converted yet. Finally, it's sad, but you're not understanding how penny stocks work. Those discounts currently work in our favor my friend. The higher the pps when those convertibles are exercised with the discount, the better. If the pps was $0.06 and a note was converted with a 50% discount, and thus converted at $0.03, that's a huge advantage for the noteholder because the pps can go up exponentially from $0.03. If the pps is $1.00 when the foregoing note is converted, and thus converted at $0.50, it's much better than $0.03 because the stock won't have as much room to run. But I guess you don't understand this. When the discounted notes are going to be converted, there won't be as much running room as there was months ago.
It can DEFINITELY close later than the 10th. But the company has indicated that they expect to close it much earlier than the legal due date. They expect to close it by tomorrow.
Thankfully you're not doing my homework for me. The November 30, 2013 note which you referenced (due on November 30, 2017) has not been converted (at least not in full and maybe not even at all ... and you wouldn't know this from the filings unless you saw the terms of the note).
The maturity date and the convertible date are two different things, I'm not disputing that. I'm just wondering how you know that so many notes were converted (i.e. 22M shares'-worth of notes) before their maturity date. You don't know because these nuances aren't in the filings.
There's only one note that can be converted six months after issuance which is applicable for the time being (which as of the amended 10-q/a wasn't converted because the balance remained the same). Plus, did you not read the fact that these notes convertible six months after issuance (and prior to their maturity date) are done so at a massive discount?
Anyways, GL man.
Unless you're privy to the restructuring plan, there's no way of knowing if the commons will be cancelled.
Savvy could just as easily mean to load up now - at a discount - while Tilman's leading the restructuring efforts.
IRGTQ
Each person has a different strategy. And, quite honestly, there were many of us who "gambled" and got in around $0.03 or less when there was no certainty about the direction of this company. I can't say this stock made me a millionaire overnight but, once it hits $0.80 (which I'm quite certain it will), then I will be a millionaire. The RAD acquisition (aka merger) is a for sure thing with the only unknowns being the actual date of the closing and the date of the PR announcing the closing. If you have to undertake risk management on account of your uncertainty about the RAD closing, then you haven't done any DD as far as I'm concerned. Like I posted before, there's a greater risk of you getting hit by lightning than there is of this acquisition failing. When this was still under $0.10, many people started seeing the big picture, legit company, legit CEOs, innovative product & service, workable share structure, etc. and they started to put their eggs in this basket. IMO, that was a smart move and this stock will make a lot of people wealthy.
Depends how profitable the restructuring is (and whether court approves the plan). If things continue to go badly (unlikely, IMO, given Mr. Billionaire's recent involvement), then we may lose it all when things have to be liquidated to pay off creditors. Other alternative is conversion into new shares. That's quite complex and can go either way. Again, the biggest factor here is Tilman's involvement. Great discount opportunity here if you got the ballocks to handle it.
Series E and Series F preferred shares of OMVS.
Welcome. I mean, it would obviously be ugly. We don't want to be in that kind of a situation.
Yes, but that's only an amount that becomes immediately due and payable. OMVS would sue for much more in damages but wouldn't have to "prove" as much in order to obtain $350,000 from RAD. They would be entitled to that amount right away. Then they'd go through the whole litigation process to establish the actual damages they suffered for the breach of contract, apart from the $350,000, which would be quite large. OMVS would also likely sue for injunctive relief which means they would sue to block the hostile bid.
Yes, the deal is binding. I vaguely remember the LOI preventing this by way of an undertaking given by Steve. I think it was section 11 of the LOI. If Steve breached this undertaking (by accepting another bid), OMVS would get immediate damages of $350,000 which would become immediately due and payable (plus whatever else they would be entitled to at law which would no doubt be even more damages, an injunction, etc.).
So, yes, technically anything is possible but, practically-speaking, no.
LOL, because of certain non-disclosure clauses likely imposed by OMVS.
I can't believe some of those twitter replies to Steve's new merger prediction.
First of all, you guys do realize that August 10th isn't the legal deadline for this acquisition, right? It's simply the deadline for the execution of the definitive agreement dealing with the acquisition. The expectation, however, is that the definitive agreement dealing with the acquisition will close before August 10th. But there's no (known) deadline for the closing. And hopefully it actually doesn't close til next week and more weak hands can sell off and piss off.
Second of all, how can anyone possibly doubt that the merger/acquisition will go through? Honestly, how can you possibly doubt this based on the documents, the filings, the tweets, and other miscellaneous facts (i.e. Steve getting a huge amount of preferred shares as consideration for the sale of RAD and OMVS having loaned RAD a ton of money already). The writing is on the wall. Sorry if you're too scared to stay with us longs, but we're better off without you.
I'm in, let's go!
where were these doubters weeks ago when we had less info, fewer filings, more uncertainty, dilution, no statements from Steve about the merger/acquisition progress, less info about RAD contracts? funny they're all popping in now. it's quite funny actually. see everyone at a dollar+ soon....
Again, people posting here who obviously haven't read the filings. I urge you to read them, especially the part about the derivatives. Garett has done a wonderful job with this shell company, imo.
Longs will hit $1 pps and then multiple dollars pps as RAD business continues to grow.
OMVS
Second that, thanks TL.
Had a delay as it's a holiday here and even transferring money to my trading account can't be done until tomorrow. Nevertheless, picked up 150k with some dry powder and looking to add more tomorrow.
$$ IRGTQ $$
Read the filings, particularly regarding the LOI language. Steve/Garett expect the closing to occur before August 10th according to some PRs and Tweets; however, that's all it is, an expectation. There doesn't appear to be any legal requirement (as far as the documents are concerned) to close by August 10th. The August 10th date has become some sort of mental deadline for people on this board. It's fantastic for anyone who can read because, if there is a panic come August 9th or 10th, and scared hands start selling b/c of no news, those shares will be gobbled right up. IMO, the merger, barring an Act of God, is a done deal. It may or may not close by the August 10th date but, even if it doesn't, it will close shortly after August 10th. Everything has been agreed to. Nothing left but simple technicalities associated with the closing of any standard share/asset acquisition. Sometimes, although a buyer and seller have come to an agreement and signed all documents, the timing of the closing isn't 100% in their control. It depends on lawyers, accountants, certain government branches, etc.
I'm here long term, even though I don't post very much anymore (I will if I see updates). The longer the wait to settle, the more costs expended, which means higher settlement amount to be demanded by Chanbond.
Soon you'll buy a new car after cashing out.
Hope it was minor and that you're OK in any case.
The writing is on the wall, this is closing. You have a bigger risk of getting struck by lighting in your lifetime (0.033%) than the risk of this not closing (0.03%).
Yes, tortious interference with contractual relations and RAD for breach of contract. Not only that, Garett would sue for specific performance and force the RAD acquisition to close (and would likely succeed considering how close they are to closing, literally days away). But these are such ridiculous speculations. Why would MS ever do that and risk getting sued when they could just turn around and acquire OMVS after OMVS's RAD acquisition? There's absolutely nothing to be concerned about here. No premature buyouts to circumvent the RAD acquisition, no one pulling out last minute, no condition not being fulfilled, etc. The 0.3% risk that's been thrown around (as referenced by Steve) is basically to account for if an act of God occurs...(that can't be covered by insurance proceeds). No one -save and except God- can stop this thing.
I wouldn't worry, it doesn't matter. It's just a clerical error, it doesn't cause any ambiguity in any meaning in such a way that could be construed against the drafter and, in any case, "Consideration" is defined earlier in the document (even if the defined word reappears later in a wrongly-referenced paragraph).
BECAUSE YOU CAN BUY STUFF WITHOUT USING CASH THESE DAYS - YOU CAN USE OTHER VALUABLE CONSIDERATION SUCH AS PREFERRED SHARES. READ THE FINANCIALS. WHY DOES EVERYONE ON THIS BOARD HAVE TO DO YOUR DD?