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Mad Jacki-boi's ever-revving dilution machine, winding up again:
07/27/2021 MMEX Outstanding Shares 3,701,209
07/26/2021 MMEX Outstanding Shares 3,546,209
Diluting by about 4% in a single trading day...
MMEX - You've Been Scammed
Mad Jacki-boi's desperate - a "clever" scam, because he's desperate - unable to obtain additional convertible debt, he's disguised this latest dilutive action as a direct offering on top of the April 28 shelf registration.
Read the entire filing - simultaneously boring, and mildly entertaining.... desperate times call for desperate measures. Only the most gullible of the gullible will fall for this latest twist on Depends-wearing Hank's scam.
MMEX - You've Been Scammed!
An 81.8% loss in value in the ten trading days since the reverse split...
Now coupled to nearly 100% dilution via Mad Jacki-boi's "gift" to the unnamed "institutional investor"...
MMEX - You've Been Scammed!
This piggybacks on the April 28 shelf registration - effectively diluting shart-holders by 100%.
What a scam!
Old Mad Jacki-boi just keeps MMEX shart-holders bent over and grabbing their ankles...
MMEX - You've Been Scammed!
Yep - the bowl-floating toxic turd known as MMEX/MMEXD has lost nearly 72% of its value in the eight trading days since the reverse split.
MMEX - You've Been Scammed!
The problem is delusion. MMEX is a classic, textbook case of convertible debt fraud.
MMEX isn't a legit business - it is an insolvent Nevada shell, with no business operations, production capacity, no suppliers, no customers, no revenue, no employees.
The "runs" are diarrhea-like explosions - pumps designed to sucker in the gullible, ignorant and uninformed.
The bottom is definitely 0.0001 or below, for debt-loaded, insolvent shell with zero revenue, or access to the legit capital market.
MMEX.- You've Been Scammed!
Old news... anyone who's done accurate, comprehensive due diligence already knows the STT fraud was one of Hanks' earliest.
Since then, he's been perpetrating investment fraud for more than 30-years, over more than twenty "deals," generating investor loss.
MMEX - You've Been Scammed
Who would trade garbage like MMEX without L2 access?
No... 2,000,000 shares pre-RS on a 1:10,0000 ratio is 200 shares:
2,000,000 / 10,000 = 200
MMEX - You've Been Scammed!
Makes less than zero sense... anyone who's in this POS isn't rational.
MMEX is an insolvent, zero revenue shell, sitting atop more than $40-million in cumulative losses and current liability.
MMEX has no business operations, no production capability, no employees, no suppliers, and no customers. MMEX owns no IP or proprietary technology. There's no luminary exec or technology team.
The fundamentals are so negative there's no hope of sustaining a PPS above $1, let alone $5, or worse, for those who bought in at 0.15, $150/share. That thinking is ridiculous, ludicrous.
What a scam!
The problem Mad Jacki-boi faces are several:
- without the RS, no more toxic lending will occur - that's demented Jack's sole income stream
- there's absolutely no possibility, not even a remote one, that anyone would provide project financing for an insolvent shell, bloated to 37-billion shares (not that project financing was ever a possibility)
- without the RS, this toxic POS will fall back to low trips, and trade in the churn (no new shares to issue)
Certainly, it's possible for Mad Jacki-boi and the Lemon to reverse course, and revoke the charter amendment. They may be forced to alter it if FINRA refuses to process the RS as filed.
MMEX - You've Been Scammed!
Try reading the filing again - the RS was requested on or before 06/29 - MMEX has not made the FINRA daily list as of market close today, so it can't happen today.
The egregious, historical 1:10,000 split ratio is unprecedented. It will wash out almost every existing investor, especially given the post RS price collapse. That, combined with all of MMEX/Hanks' other egregious behavior, the SEC complaints, and obvious fraud, FINRA may elect not to process the event as filed.
The delay should cause the current PPS to decline further. Recall the Nov. 2018 event, which stalled trading and collapsed the PPS in the nearly 60-days it took Hanks to correct the deficient, flawed filings.
MMEX - You've Been Scammed!
As of close of business, 06/28/2021, MMEX still hasn't made the FINRA daily list.
Trouble in paradise for Mad Jacki-boi? Wonder if FINRA will exercise their authority, and find MMEX deficient under Rule 6490(d)(3)?
The PPS is still far to high, this POS should be down around 0.0000001, and that's generous.
MMEX - You've Been Scammed!
What's the purpose of spamming the board with useless boilerplate from the MMEX's filings?
I emphasize the word useless...
The requested ex-split date is on or before June 28, 2021. The RS ratio is 1:10,000.
MMEX is still not showing up in the FINRA daily list - this means the RS has not been processed yet.
MMEX is incorporated in Nevada for a reason - Nevada is a non-recourse state, so the officers and directors of a Nevada corporation are insulated, virtually immune from civil liability.
The SEC could take action, including regulatory as well as criminal prosecution - that seems unlikely, even though there are now dozens of complaints on file. The SEC actions could include suspension, de-listing, and criminal prosecution.
Technically MMEX has no employees - this is by design. About 90% of the proceeds from Hanks toxic borrowing were siphoned off into his offshore, private shell, Maple, into Lemons' BNL trust, and the remainder handed out in related-party transactions to friends and family - "consulting fees."
Jack's a mediocre attorney, and that's being generous - he is however smart enough to have used a Nevada shell for his con.
The unfortunate reality is that a law suit, class action or otherwise, in civil court wouldn't proceed, even if you could find an attorney willing to file.
MMEX is a hollowed-out Nevada shell - nothing to sue. There are no assets, Nevada is non-recourse, just more than $40-million in cumulative loss and current liabilities.
No attorney or firm would take it on, because there's no way to get paid.
It is unclear what point you're attempting to make...
This is boilerplate text on the required statutory notice - one element in the process. It does not indicate FINRA has processed the corporate action request.
FINRA could take a number of actions, stemming from errors in the actual filing, fee payment, etc., all comments on processing the corporate action that can delay its finality.
FINRA could also act under Rule 6940, and elect not to process the requested action. All of that is still ahead, and gates the actual ex-split date (assuming it eventually gets processed.)
Recall how horribly botched the last MMEX-scam RS was...?
Mad Jacki-boi botched the 2018 RS - deficiencies in the filings caused FINRA to delay processing until November - some 60-days after the pre-14c filed. This depressed MMEX's PPS and killed volume.
In this most recent instance, the 1:10,000 ratio will almost certainly draw FINRA's attention, along with other factors, like outstanding SEC, and AG complaints.
Under Rule 6490(d)(3), FINRA could refuse to process the event.
The 1:10,000 ratio is a huge red flag - FINRA and SEC at times cooperate, and share information - if they make the connection on the numerous outstanding SEC complaints, that, combined with the other problems including the RS ratio will train-wreck an already bad disaster.
Anyone who suffered financial loss as a consequence of the MMEX securities fraud can, and should file an SEC complaint via TCR.
You can choose to file anonymously, or you may choose to self-identify, with provisions under the Whistleblower Act providing protection.
TCR will allow you to upload evidentiary materials, including statement data from your broker, screenshots, copies of emails, etc. As an example, if you were encouraged by one of the many share-pushers/promotors to invest, you can supply that information.
Screenshots of Tweets, Facebook posts, etc. are also useful in the evidentiary sense demonstrating how heavily MMEX was being pumped. The stream of fraudulent, misleading MMEX PR, including shareholder letters are examples of good evidentiary material.
Yes - you can submit a complaint, either in anonymous form, or self-identify with Whistleblower Act protections if you have losses.
Old news... this is just a trailing 8-K.
Unlikely - Mad Jacki-boi botched the 2018 RS - deficiencies in the filings caused FINRA to delay processing until November - some 60-days after the pre-14c filed. This depressed MMEX's PPS and killed volume.
In this most recent instance, the 1:10,000 ratio will almost certainly draw FINRA's attention, along with other factors, like outstanding SEC, and AG complaints.
Under Rule 6490(d)(3), FINRA could refuse to process the event.
It's going to be an interesting part of the MMEX comedy shite-show to see how FINRA reacts to the reverse split.
They could refuse to process it under Rule 6490(d)(3) as a deficiency - there's adequate precedent for such an action. In addition, MMEX's 1:10,000 RS is possibly the worst on record in terms of its egregious ratio - I can't find an equal from 2000 looking forward.
Indeed, FINRA could also create pragmatically infinite delay just in the comment phase of processing the filing.
Certainly, any "investors" that chased MMEX get what they deserve - MMEX is a classic, textbook example of PIPE-based convertible debt fraud. Even my 1L seminar students figure it out.
MMEX is nothing more than a runaway share printing-press - lather, rinse, repeat. Unless the SEC steps in to suspend, then de-list it, or FINRA exercises their authority, the machine will continue defrauding "investors' until the Sun burns out.
In an average calendar year, there are more than one-hundred RM's executed in the OTCM alone.
The process is well-understood, and as pointed out, trivially easy, and relatively inexpensive. Even a marginally skilled attorney can complete an RM.
This is how "Inkie Entertainment" became MMEX. No oversight, no complex regulatory compliance, no marketing effort, 'ol Mad J. just acquired a dormant Nevada shell from a broker, spent a little cash, and now has access to gullible suckers on the OTCM.
Executing a reverse-merger is trivially easy.
Instead of meeting SEC and market requirements, undergoing scrutiny, hiring an underwriter to market and sell the company’s shares in an initial public offering (“IPO”), a private operating company works with a “shell promoter” to locate a suitable non-operating or shell public company. These are sometimes called “dormant,” “aged,” or “shelf companies.”
There are dozens of shell promoters, and a significant dark market in public shells.
The private operating company merges with the shell company (or a newly-formed subsidiary of the shell company). In the merger, the operating company shareholders are issued a majority stake in the shell company in exchange for their operating company shares.
Post-merger, the shell company contains the assets and liabilities of the operating company, controlled by the former operating company shareholders. The shell company’s name is changed to the name of the operating company, its directors and officers are replaced by the directors and officers of the operating company, and its shares continue to trade on whichever stock market they were trading prior to the merger.
The operating company’s business is still controlled by the same group of shareholders and managed by the same directors and officers, but it is now contained within a public company. In effect, the operating company has succeeded to the shell company’s public status and is therefore now public.
Au contraire! Obtaining a public shell is trivially easy. So easy even Mad Jacki-boi could do it for MMEX...
There is a dark market trade in public shells, particularly those incorporated in Nevada. You can buy one for a few thousand dollars.
That allows scammers like Hanks to have access to the public market with almost no scrutiny or oversight. This is how 90% of the garbage traded OTCM came into existence.
There are even tutorials on the process - a public shell can be ready to start trading again in less than three months, for small cost, and little effort - filing an 8-K. It is trivially easy. The reverse-merger process is falling off a log, stupid simple.
I don't have PM access - to your question:
Unlikely - MMEX is Mad Jacki-boi's public market vehicle - he'll do anything within his feeble power to maintain control over the shell.
Custodianship requires funding an entity to act as custodian, and it also presumes some intrinsic value in the dormant shell. MMEX has no money for that process, and there's no value/brand in the shell itself - it is simply a vehicle for the con.
The trade in public shells is a dark secret - that's how MMEX (aka Inkie Entertainment) was born in the first place.
Complete and total B.S., a fraudulent claim.
Hanks activities generated no "capital" for MMEX. About 10% of the proceeds from Hanks toxic borrowing campaign went to purchase props to deceive naive, gullible marks. The remainder was siphoned off to Hanks' private, offshore shell Maple, Lemons' BNL trust, and toward "consulting fees" for friends and family - none of the bulk of those toxic loan proceeds went to MMEX shareholder's interests.
There is no "ship" - just a convertible debt fraud.
All anyone needs to do is read the MMEX SEC filings - an investor horror novel at best.
MMEX has no treasury stock. None of the direct proceeds from the 20-billion plus shares of dilution went to MMEX.
The claim "He got the company some much needed capital" is nonsensical, ridiculous, utter, total B.S.
Trips vultures, and corrupt broker-dealers - they'll resell it in the churn to the remaining gullible marks that think the RS is a good thing.
MMEX - You've Been Scammed!
Corporate actions like MMEX's reverse split fall under state law - in this case, Nevada.
Nevada is a non-recourse state, which neuters shareholder actions against the board and management (Hanks and Lemons).
FINRA does not approve corporate actions - they just process them - FINRA can only delay the processing until the proper notice (10-business days from the finalized action) is exhausted and all of the forms and fee payments are met. Hanks errors in the Nov. 2018 split resulted in nearly 60-days of delay, turning MMEX into a zombie issue. Having said all that, FINRA can't block the action.
The sole entity with authority to step in is the SEC - the SEC could suspend MMEX, and/or de-list the issue from OTCM. That would require an investigation, and adjunct/administrative injunction.
The only other way to avoid the RS is for MMEX's board to reverse the action to change the corporate charter - revoke the amendment. Just like Hanks and Lemons took unilateral action, with no shareholder recourse to effect this RS, they could revoke it unilaterally - however, they won't - the reverse split is absolutely necessary to allow Hanks to continue his share-holder terrorism campaign of toxic borrowing.
The MMEX slow-motion train wreck is inevitable. Anyone holding at this point is just a sad, very sad (5x) bag-holder.
MMEX - You've Been Scammed!
There is no record of any new land acquisition, or related transaction - I was at the Pecos County Clerk’s office this morning, no new filings. The only records are from 2017 and 2019, the original warranty deed for the nominal 126-acre tract, and two easement filings for accessing the “land locked” tract itself.
The three adjacent tracts have different ownership; two by the former owner of the MMEX parcel, one by a trust. It is unlikely that the former owner will consider doing business with Hanks, as Hanks screwed him royally on the existing parcel (warrants on worthless stock, washed out after the Nov. 2018 reverse split), and having tied the owner of the expansion parcel for two years, never completing the deal. The trust owned parcel isn’t for sale, it it isn’t large enough to add 450-acres to MMEX’s holding. Only one parcel meets that requirement - it almost certainly won’t be in MMEX’s hands after the fraudulent deal Hanks tried to do.
For those unconvinced, this is all a matter of public record.
MMEX - You've Been Scammed!
Mad Jacki-boi 8-K'd a meaningless, immaterial PR! What a joke... this isn't the first time he's done it of course - it is amazing the number of gullible marks that fall for this crap.
There's no evidence of any additional land purchase, not one single bit of corroborating, neutral party proof.
This is the last-ditch pump before the inevitable reverse split - this movie wasn't good the first time around.
MMEX - You've Been Scammed!
Why are you spamming the board with regurgitated, recycled garbage PR?
This is just meaningless trash - nothing new, nothing material - a desperate pump by a desperate group of criminals.
What a joke.
MMEX - You've Been Scammed!
Any knowledgeable individual knows it is game over for MMEX, now fully diluted at 37-billion shares, an S-3 filing that makes all of it free-trading. The reverse split is inevitable - not a question of if, just when.
CDEL has about 4.4-billion conversion shares to step out for Gabe/GSC, then the music stops. With PPS and volume so depressed, the MMEX zombie will take a bit more time to come to a halt.
No one was "chased off," only the most uninformed are still trying to pump this rotten turd, because they don't realize it has finally been flushed. "LOL."
Retail traders can't short trash like MMEX. Let’s start simple… the $2.50 rule.
Assuming you can find a retail broker that would let you short sub-penny trash like MMEX, you’d first need a margin account.
MMEX’s VWAP is around $ 0.001525 for the current 20-day trading window.
Hypothetically, let’s say your margin account balance is positive, say $10K. How many shares of MMEX could you short, not counting fees? Here’s the quick answer: 4,000. For every $10K in your margin account, you could short 4K shares of MMEX garbage… the math is $10,000 / $2.50, or 4,000…
At the current trading window’s VWAP of $ 0.001525, you’d be tying up $10K of capital to short $6.10 (4,000 shares) of MMEX trash.
That’s if you could find a retail broker that would allow it.
The nutcase blog reference is pure rubbish. Again, call your broker on the matter? Did they hang up on you? The MMEX contrarian investor “strategy,” including buy high, average down, sell low, along with believing in nonsense like short-squeezes (on a trash ticker like MMEX) is utterly laughable.
MMEX - You’ve Been Scammed!
Another one, freshly fallen from the turnip truck... Numerous complaints have been filed with both the SEC, and the Treasury, as well as the Texas AG.
There is nothing positive about MMEX - it is a scam, a form of convertible debt fraud.
I've followed this fraud since its inception, a 4-plus track record of deception, fraud, and failure. Of course, reading the factual history of MMEX here, reading and analyzing its SEC filings, and stream of misleading, fraudulent PR would have provided you all you need to know about a textbook classic case of PIPE/convertible debt fraud, but TL;DR for anyone gullible enough to "invest" in MMEX.
MMEX - You've Been Scammed.
Clickbait for amateurs.
No retail trader can short MMEX - call your broker, tell 'em you want to borrow 1-million shares of MMEX to short. When the laughter finally stops, ask 'em about Reg SHO and the $2.50 rule... it'll take a while for the laugher to die down. Let us all know what you find out.
There are not significant short positions in MMEX, never have been, never will be, no FTD's.
Your goofy clickbait site reports intra-day operational shorting - not short positions. Intra-day operational shorting is normal market-making activity.
Added to that is CDEL's ongoing short-and-cover operation, on behalf of GSC, as they step out the remaining 4-billion "debt" conversion shares, fully diluting MMEX. There in no risk or exposure - CDEL has an infinite pool of "debt" to convert out for covering. Hanks' "gift" to gullible MMEX "investors."
They fall for it every time.
MMEX - You've Been Scammed.