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So, 300M new shares. That lender with the $0.00025 conversion price is grateful for all the pumping being done here.
Today's robot obsession is NVIV, O/S of 3M, trading volume approaching 60M as of 10:15. Here's the kicker: The company filed for Chapter 11, got a de-listing notice, and the price is up 150%....
So this company files for bankruptcy, is getting delisted from NASDAQ, and the PPS is up 139% on a volume of 58M vs an O/S of 3M. Every share has changed hands, on average, 19 times as of 10:10am... Nothing suspicious about that.
This is automated wash trading. Don't get trapped.
Scam alert. This is nothing but a pump and dump complete with fabricated Chinese company that nobody ever heard of, grossly exaggerated valuations, and 1.6B shares of new dilution. The O/S stated in their disclosure for 9-30-23 was 2.4B shares, and now it is 4B.
There isn't a chance in hell that a legitimate multi-billion dollar company would inhabit a scammy stinky pink shell and hand over their ownership to its bagholders. This is a fraud.
This guy had it right:
Ok, we can check off the "Drop a comparison to Amazon/Apple/etc" box on the pump and dump checklist.
What a load of crap. A $7B company isn't going to inhabit a stinky pink scam shell and hand over equity ownership to a bunch of its shareholders. That would be a monumentally stupid thing to do.
Dude. This is not an SEC filer.... They file their disclosures to OTC Markets and told everyone in the previous disclosure that a majority of the "voting power" had authorized the RS. Guess who holds a majority of the "voting power?"
You just refuse to read what the company itself said about the reverse split on December 14, 2023. They stated directly, the subsequent events section of that disclosure included everything up through December 14th, and that everything included the pending status of their reverse split. Like it or not, it remains valid, and no sort of pumper hocus pocus is going to change it.
There you go again with that crap. The RS is still on and valid. Once again, here is their disclosure, filed on 12-14-23, nearly 3 months after the deadline that you continue to circle to mislead everyone. That deadline was for the board to decide and act, and they did those before the deadline expired.
https://www.otcmarkets.com/otcapi/company/financial-report/389219/content
On page 12, you'll find the "Subsequent events" section, and here's what it says:
The reverse split is 5000-1. Looks like it is intended to wipe out the legacy equity so the owners of the private company that merged in can convert their preferred shares and wind up owning the bulk of the common stock, which should be expected since they used to own, collectively, all of the equity in the private company.
How's the China Hustle going?
https://en.wikipedia.org/wiki/The_China_Hustle
Still pushing the fairy tale that a thriving Chinese company wants to inhabit this shell and make all the pumpers rich?
No, it's a trade made between the bid and the ask prices where the MM doesn't mark it as either a "buy" or "sell." Usually, it's pretty close to the middle of the spread, some will mark a trade closer to the bid as a "sell" and closer to the ask as a "buy," sometimes they don't.
Walk the PPS up... check
Issue another BS PR... check
Dump stock.... ongoing
Up 50% on equal buys and sells. Nothing suspicious about that... /sarcasm
The people who "make out like bandits" are the ones who already know that it's just a fairy tale and are only pumping it to get folks who don't know it's a scam to buy their stock. I'm here to tell the folks that don't know they're being conned.
Oh, I'm sure this isn't the only Chinese scam being run here. Some are run on the same fairy tale being told here, that a thriving company just wants to make some pumpers rich by handing over ownership interests for nothing. Some got booted from exchanges to the OTC. They SEC was making some new rules for them to be here since so many of them couldn't put up a legitimate audit, not sure where that stands.
Here's some good info on my "China Hustle" reference. Same thing here on the OTC.
https://en.wikipedia.org/wiki/The_China_Hustle
Pump and dump scams go up, then they go back down, trapping the naive who believe that fairy tale with the bags of the con artistry run here. Seeing as how you can't find a board or quote for those, I guess they all died completely on the vine after the con artists took off with their profits.
Just another China Hustle pump and dump, complete with the fairy tale that a thriving company "over there" wishes to hand over their equity ownership to "a bunch of knuckleheads" who already hold stock in this stinky pink company and make them rich. No legitimate business would do that, it would be stupid.
Is the pumper Kum Ba Yah done yet? What a load of crap.
There's a handful of "bashers" on iHub who happen to be the only ones posting the facts the newbie investors who stumbled into the OTC need to know, and their track record is exemplary. Everything they call out to be a scam, a fraud, a pump and dump, winds up being one. On the other hand, every stock you lavish your praise and admiration on winds up being one of those scams, frauds, pump and dumps, your track record is horrible in picking legitimate (ie - not scams, frauds, pump and dumps) stocks and companies. In this case, after this company has lied for a decade, you lavish praise about a $5B jet fuel deal they're claiming to be in the middle of, not even an acknowledgement of the unlikelihood that it's real. Do you really think that companies with $5B worth of jet fuel aren't going to do their own due diligence on who they associate with and instead are going to turn to an unknown stinky pink company that has no cash nor experience in handling the commodity to get it from seller to buyer? Get real.
Train wreck
New S-1 to sell stock and says they'll have to do a RS by March 13 to stay on NASDAQ.
Don't overlook the preferred B and C convertible shares. They're the elephant in this room, and it doesn't look like they're impacted by the proposed RS.
But... put yourself in the shoes of the RWOD shareholders. Your board is proposing to hand over 6M shares of stock, massive dilution of your holdings, and all the cash in the treasury, to the owners of ANEW. What does ANEW/LEAS bring into this deal? $2k of cash, $5k of prepaid expenses, licenses that they, themselves, value at $2.2M, offset by accounts payable of $177k, a note payable of $1.3M, ZERO revenue, $500k of expenses for 9 months. Do you really want to hand over 6M shares of stock for that, to see your stock diluted for more than double the current O/S, and $57M for THAT?
No, you wouldn't, you'd walk and take your $10 per share with you, chances are when other NASDAQ investors see that crap, the PPS isn't holding $10.
You need to look at that document again, go to page 160 for the pro-forma information on the combined company, and scroll all the way to the right to see the "Assuming maximum redemption" columns, because that's going to be pretty close to what happens if this alleged deal progresses.
The document linked today is just another update to the registration and proxy statement of RWOD. There's still not a date in it for the shareholder vote. I doubt that RWOD shareholders are going to be big fans of handing over $60M worth of stock for a company trading (barely) at a market cap of $1.3M on the OTC and that hasn't done jack lately. It is pure dilution of their $10 stock, and they can redeem and walk away if they don't like it (taking the cash out of the company treasury).
The purpose of the RS was to essentially wipe away the legacy stock from the previous business of LEAS and award the owners of ANEW (who hold those preferred shares that were to convert after the RS was complete) with the lion's share of the equity in this company. Because the CEO has voting control, he can simply take the RWOD stock and divide it amongst his classes of stock as he sees fit. He owned 30% of ANEW prior to merging it into LEAS, and I expect he'll want to own a similar stake of the RWOD shares awarded in the business combination.
I know that doesn't directly answer your question, but do you really think that you're going to get a windfall from buying stock that barely trades on the OTC from a NASDAQ SPAC wanting to buy a $1.3M company for $60M?
Count yourself among the clueless. Here it is again, from their latest disclosure, filed December 14, 2023, in the "Subsequent Events" section, page 30:
You don’t read anything. That statement was included in the Subsequent Events” section, so it was up to date when submitted.
There is nothing outdated about the information in the latest financial disclosure. The deadline you keep circling in the corporate document you've posted was for the board to decide and act. The board met that deadline, so other than FINRA, it's a done deal.
Since you've avoided comment on what the financial disclosure says, I'll post it for you:
Here's a tip on how to do due diligence on these OTC companies that claim they're going to make everyone holding stock rich when a company elects to inhabit them and gift the shareholders with a business for nothing (or very little), something that no legitimate company would do. First, ignore all the fluffy hype that the company publishes about all the great deals and the chorus of stock pumpers tweetering about how great everything looks. Then, read through the financial reports for a few things:
What does the balance sheet look like? Does it look like something that a legitimate business would want to take over?
Was restricted stock issued a year ago that is now unrestricted or that has nearly met the 1 year period required prior to resale?
Are there convertible notes left that gives a discount to the creditors?
Are there convertible preferred stock series that have also met their restriction period (which starts when the preferred stock was acquired, if the period is met, the common stock would be free trading after conversion)?
Here's a link - https://www.otcmarkets.com/otcapi/company/financial-report/389219/content
The balance sheet is on page 19, and shows $76k in cash, $560k in total assets, and $2.6M in liabilities. So they're $2M upside down as of their last report, and they were losing money every quarter. No legitimate business is going to take that over.
Stock issuances begin on page 6, the ones that are coming off restriction show on page 8, which shows 83M shares are eligible to come off restriction in February. There's another 50M that are showing restricted on OTC Markets that aren't held by insiders, likely the holders just haven't taken the action to remove the restriction. There was about that many shares issued under the Reg A exemption to convertible note holders that I think should have had the 1 year restriction, but are listed as unrestricted in the table. It should also be noted that over the last year, the O/S went from 260M to 426M (page 1)
The convertible notes are listed on page 9, $764k of notes that can convert. $500k requires the company to issue a Reg A offering, and there are none active. The other $264k converts at a 25% discount to the PPS. At today's pps, that would be 280M shares.
Convertible preferred stock is Series B and Series C. Series B converts into 20 shares of common stock for each share, Series C converts at 100 shares of common stock for each share. Here's the kicker: Conversions were allowed to start in January of 2024 for the Series C convertible stock. There are 20.5M shares of Series B outstanding, convertible into 410M common shares, and 5.6M shares of Series C outstanding, convertible into 560M common shares. Large holders of this stock are listed on page 12, some are insiders, some are not, and this is the OTC...
There is also a pending reverse split already enacted by the board and awaiting FINRA. The board met the deadline, and if FINRA has an issue with it, it's likely they're suspicious and you should be, too.
In summary, look to see if the deal makes sense for a legitimate business (it doesn't) and if there's anyone with gobs of stock to sell (there is).
What the heck are you babbling about now? This company is bankrupt, and the property being abandoned is an agreement which the trustee says he considers already assigned to the buyer of Bert. Taxation is the furthest thing from the bankruptcy trustee's mind, by definition this company was unprofitable and the proceeds from all sales will not come close to paying its debt.
The debtor is Immune Pharmaceuticals and its subsidiaries. While all those contracts the trustee has been studying may wind up being abandoned, they haven't yet. This one was puzzling, since everything to do with Bert was sold to Alexion, not sure why the trustee thought he had to file a new motion to say it again. Seems redundant.
CNXA today, O/S of just over 19M, volume already of over 190M. The robots are just allowed to run free.
Automated wash trading, very obvious. The O/S has turned over nearly 10X's already, meaning every share issued and outstanding has changed hands, on average, 10X's at 11:30. Don't get trapped with grossly overpriced stock.
Alexion has already paid for Bert. It will be part of the proceeds distributed to the creditors. Shareholders won’t see a penny of it.
There's been a few that I haven't posted about, but the robots have been turned on to wash trade NEXI today, already turned the 1M share O/S over 9X's, and the company issued a proxy a couple months ago soliciting approval to dissolve itself.
Automated wash trading playing with the stock of a company that wants to dissolve itself. Don't get trapped.
You need to read that motion again. Bert was sold in 2019. It's gone and ain't ever coming back.
In his mind, he thinks the OTC is gonna fall for that crap after the train wreck a month or so ago.
Y'know, on a leap year, we could add the day to any month we want.... I say we make a June 31...