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And if the IP and the contracts had any respectable value, the purchaser of the assets would have had them assigned to them when they bought the other assets. They had the chance, but didn't want them. What does that say about them?
The NOL's are worthless, the assets were sold from this company.
They don't have a way to make corn sludge anymore. They sold it in liquidation.
Except:
BioAmber's assets were liquidated, so no matter what all you can do in a CCAA, that's what happened, and the "company" is now an empty paper shell, no assets and $80+M of debt to pay. It will disappear at the conclusion of the bankruptcy proceedings.
No, the shares are not locked for 180 days, they are immediately free trading. Only the other $10M of stock given to the owners of Sound Concepts will have a restriction.
"No pumping"
Accomplishments so far:
Met the deadline for putting up a website
Met the deadline for putting up a blog
Put up revised financials. (whoops - put the Preferred B conversion rate back where it was)
"Acquired" a cleverly named (a copy of a successful water treatment company) dead water treatment company
The company signed a LOI to acquire something undisclosed, to be completed as soon as somebody with money agrees to pony up $30M (or it may be $3M, now) to a formerly dead water company with no assets nor operations that is a subsidiary to the greatest scam the OTC has ever known.
Made pictures of 3 phones, with the premise being that nobody will mind them being the middleman in a transaction for them as opposed to going to the source in China and cutting them out.
White doesn't seem to realize that nobody is coming back to this perpetual scam in such a short time frame from last year's debacle. Maybe in 2 more years another pump can be run, but this one is gonna stay dead for awhile.
What's the float? Wonder if he sold his 600M shares last year?
LOL. That site is like The Onion, for amusement only. Hasn’t gotten one single thing right.
Problem is that company was still intact, BioAmber isn't. The assets were sold, and it is now an empty shell with $80+M in debt. Nobody bought the whole company when it was intact, either. NOL's are completely worthless.
Yes, they are notorious for floating a pump right before a quarterly. Last year is was the CLEC thing one quarter, the Wewi thing before another.
Share buyback claims are stinky pink pumper gold. They don't happen. Why on earth would a private company go public and start buying the stock the previous business of the shell sold? That smacks against all business logic.
Those were 2 possible scenarios listed, thus the "one of two things will happen" that preceded them. Take your pick, but neither one ends well once the music stops.
The post that I replied to suggested that the big public companies (Amazon, Facebook, etc) would just buy back all the stock they sold into the public market if that was the reason they went public. I corrected that errant thinking.
In this case, the company will not do a share buyback. That's stinky pinky fluffy pump stuff there. The company disclosed the RS coming already. One of two things will happen:
1. This is all yet another OTC scam, it'll get pumped, dumped, and then go silent afterwards with the bagholders wondering what happened.
2. This company is going public to get access to the markets and sell stock. They will not give away the equity in their company, they own it now, and they'll own it until they sell stock in it. The stock being traded today was sold by the previous venture and owner of the shell, and does not benefit the new company whether it trades at $0.0001 or $0.005, they could care less. They'll implement the RS they've already disclosed, wipe out the old legacy stock trading today, then register and sell stock to the public to raise money to invest in their business. It is only a matter of time.
In the mean time, play musical chairs/time bomb.
"Share buyback and retirement" LOL. He's checking all the stinky pink fluff boxes, isn't he?
No, that's not how it works. When they sell stock to the public, they've sold equity, the shareholders are now, collectively, owners of the company. The BOD is beholding to the shareholders, and the CEO and other executives are beholding to the BOD. There's no motivation to "buy back all their shares," though they may buy back some of them in order to increase the value of the remainder if they have buckets of cash and don't have growth initiatives to put it into.
To reiterate, this company is not going to give its equity to the shareholders of a dead company, that would be stupid. Shares trading today did not and do not benefit the company, they get no capital from them being tossed around in the OTC. If this company is legitimately going public in this manner (which is also quite dumb), they'll wipe the standing equity off the books, then sell stock to raise money and invest in the new business. I couldn't care less what a penny stock CEO, especially that one, says in an email.
That supplement would indicate they’re pretty close to a closure, just have to write the checks.
I see you’re in @$0.0001, so you can’t lose, but with Kistler being a “known” on the OTC, the players/flippers all know there’s a ceiling on this somewhere. Watching the trading the last couple days, I’d guess the profit taking will begin pretty soon, and you’ve obviously been around the block enough to know how to recognize it.
LOL. Never heard that “no RS at this time” talk from an OTC CEO, ever. Wonder why he put it in the disclosure? LOL
Please. They’re not giving their company to shareholders of the dead business. They’re going to wipe out the old equity. Music is still playing, for now, but it will stop.
Of course Amazon, Facebook, et al, went public to sell stock. Ever heard of an IPO?
They can sell their products over here as a private company, you know.
As I said, if it is legit, this is a game of musical chairs (or "Time Bomb," if you're as old as me) until such time as the reverse split happens, but it will happen. There's no reason whatsoever for the owners of a private company to give away their equity to the shareholders of a dead OTC shell.
The only reason for a private company to go public is to get access to the markets to sell stock and raise capital to invest in the growth of their business. If they don't need capital (ie - to sell stock), they stay private. It would be stupid to go public and take on the burden of accountability to shareholders and of regulation if they weren't going to sell stock.
No, that note has not been restructured. It is still listed with an outstanding balance of $75k, convertible into an additional 1.5B shares.
If this company is legit, there is no way they're just going to give it away to the shareholders who own the "leftover" shares from KRFG's prior businesses, no way, no how. They'll do the RS they already put in their disclosure(!!! - they already said they're going to do that), wipe these shares off the books, then move to sell new stock from which they'll get the proceeds/capital to invest in their business. These shares trading the day do nothing for them whether they're at $0.005 or $0.0001, has nothing to do with them.
There's a reason they said they're going to do a RS, it's because they will. Until they do, it is a game of musical chairs, last one holding shares will lose.
The note is listed as a liability, and that is where it belongs. They don't have the shares until they convert the note. Jason is an officer of the company, so all of this holdings, warrants, options, everything gets reported for him.
The shares they've converted so far were done in at least 4 blocks, as 1 conversion is listed in each quarterly report. When they convert, I expect it is because they intend to sell them into the market, and, yes, they'll convert what they can and still stay off the beneficial shareholder's list, sell those, and then convert more. They're not on the form likely because that biggest block they converted are likely sold.
The 1B shares the company is selling at $0.005 will likely hold it back quite a bit.
That was Tenkay.
The S-1/A today seems to add exhibits only as stated on page II-1.
I’m sure another with final information is on the way today or NLT tomorrow.
And that cobbled up extraction of slivers and words is contradicted by the rest of them:
The assets were purchased
The remaining raw materials and spare parts at the plant were purchased.
The rest is pure fabrication to sell stock.
SMH
It’s in the prospectus as well as balance and cash flow sheets that show the combined company. It makes no sense to even suggest it isn’t included/considered in the PPS today as well as the offering price.
As far as “changing,” in response to ridiculous valuations in the billions for this company/combined entity, you bet it has been pointed out this company has performed horribly and SC is hardly worth the asking price. That’s plain common sense.
So far about 90% of the 58 companies that uplisted in 2018 are trading lower that their last day on the OTC. I have 4 months to go. NASDAQ investors don’t read message boards, they’re going to expect performance.
Seriously?
The acquisition has been discussed since August, and it’s in the blooming prospectus for the offering. There may be some discount of disbelief, but to say it isn’t included is just wrong.
There is no Sarnia business. They sold it in liquidation.
There are no employees. They were let go. The monitor is running the books.
There is no company, except on paper. It is an empty shell carrying $80+M of debt with no way to pay it.
The company is bankrupt and will disappear once the proceeds from the liquidation and other sources are distributed to the secured creditors.
Just an illustration on how to use statistics to paint whatever picture you want to paint as an editorial comment to the post I originally replied to. Great big companies move slowly compared to OTC stocks that can run from trips to pennies based on a filing, a lawyer writing a letter about a filing, with a rumor or 2 tossed in. Big companies don't, it's typically performance, outlook and forecasts, analyses by the industry, real stuff.
Where do the big players put their investments?
In 1 year, a 1 year old will be twice as old as he is now, or 100% older.
In that same year, a 50 year old will only be 2% older.
$32k in additional revenue would be a year over year 100% improvement to VERB, notsomuch Microsoft, Netflix, et al.
LOL! FACT: "Growing" at a rate more than really really really big companies by a company that hasn't sold jack is how statistics are used in illusions.
Fact: Babies age at a rate more than adults.
Yeah, because everybody is happy after a bankruptcy, especially those who were owed money. Happens every time. LOL.
Reminds me of that old SNL commercial about a company that just gave people change for their currency. When asked how they made money doing that, the reply was "volume."
LOL, no, that isn't happening.
Why on earth did the buyer of the plant not want the "tremendous world-wide rights??" Why did nobody buy the company if those are so lucrative??? Why did BioAmber file for bankruptcy in the first place?? The notion those billions and billions of riches just waiting to pour into the pockets of shareholders smacks against common sense and logic.
Here's why: Those contracts are worthless. BioAmber couldn't make the corn sludge for what people were willing to pay for it, so they lost money and went under.
LOL, and after all that, this is the conclusion????
The plant could not run at capacity and lost money the whole time it did. Shareholders have always owned shares in a company that was destined to fail, now they own shares in an empty shell with $80+M of debt and no way to pay it.
LOL, I heard the SC deal wasn’t priced into the PPS. (Of course it is)
Yes, May of 2018, and the only thing outdated about it is the $3.5M interim payment that was made. They haven't been authorized to pay anything else to the creditors.