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The issue is that the brokerage 212 allowed customers to buy shares of ATVK because they had it labeled incorrectly as a penny stock exempt stock. But now 212 updated and won't allow anyone to buy more stock. They can only sell their positions and most are just leaving
Judgment? How do you know its not just the order about the alternate service method?
Yeah. The way the motions are filed makes me think it hasn't been tangibly issued and ATVK just wants it off the balance sheet
I think theres other lawsuits dealing with those shares already issued
Its more like shares were required to be listed as outstanding because they *might* be utilized. But now there is a stay against utilizing them and they can be taken off the financial reporting docs
It honestly might work out for the best. I'd rather see red days before a court hearing than the green surge. Pre-court green days are 100% just flippers that will tank the stock regardless of the news. If we were at $.30 and the court gave good news and the company gave good PR... it still might tank to $.20. That's the OTC. But with the bleeding here, good news might give us green days which means better long term momentum.
ATVK on Pink Current list
https://www.otcmarkets.com/market-activity/corporate-actions
Hmmm... eyes on this message board probably own over 33 million shares themselves. How exactly is the float being trimmed to 33 million while we all keep holding our original share amounts?
Thought I'd chime in because you've been fretting about current for a while... so here's a history for everyone:
12/8 ATVK files all necessary financials, disclosures, and attorney letter. OTC says high volume of submissions may take a while.
12/15 (5 bus. days) OTC says there is some errors in the financials; mainly because the company copy and pasted some sections that needed more attention.
12/16-12/17 ATVK re-uploads financials with changes and same attorney letter.
12/21 (3 bus. days) OTC says the attorney letter is the same and wasn't updated for the new submission dates.
12/23 ATVK uploads new att letter.
12/30 (3 bus days, excluding holidays) ATVK updates financial year before EOY. This unfortunately requires another quarterly report and att. letter (since they don't have accounting firm doing docs)
1/4 ATVK changes fin. year, submits quarterly reports/disclosure, and attorney letter after hours.
It hasn't even been 2 business days of a process that usually takes 2-5 business days. I know it seems like endless delays, but it is all quite straightforward. Matter of when, not if...
And there it is... right on schedule. By my quick read, looks like the dates are all in order and corresponding to the proper filings on the OTCmarkets. The timing is all up to the OTC's review now
By my review, this means that every submitted filing has been updated (2019 annual, 2 quarters; 2020 annual, 2 quarters). So that means we are just waiting on an attorney letter that covers all those updated filings, dated 12/23 or later. The company tweeted that they filed that today. Pink current should be imminent
My bottom sure is in. Looking forward to January for this one
I was a little behind you with a few million from .0012-.0017. We know what's happening here, all good news
Kinda. Its more classic bureaucracy: the company is trying to get it done quickly and the OTC is saying, "it must ALL be redone, in this order, according to our checklist." The good news from this is that the OTC got the letter Monday and reviewed and responded by EOD Tuesday. That's how imminent being Pink Current remains
Excellent. I was wondering about this and I'm glad they addressed it. Because the attorney letter dates didnt match up with the uploaded filings. It looked like they just changed the header date and re-uploaded the old letter. Should be all clear from here once fixed
They updated all the filings at the end of last week. Need a new attorney letter reviewing the current information. All clear for OTC Pink
Just a month ago, some poor bag holders were giving this empty, defunct shell a market cap of hundreds of thousands. They have no idea what's happening, just got lucky. Takes time to let them all out.
I've never seen that in one ask slap on these type of plays before. Bullish is an understatement
I mean, you're not wrong that those are the risks. But they certainly aren't the only two options and aren't as likely as you make them seem. The SEC taking action is extremely unlikely and would need a couple months of new regulations anyways.
While there is potential dilution in the company, the market cap is so low that we are still looking at 5x+ returns in your 5-10% example (especially when most of us early birds entered). This was a defunct company after all, even a basic $10m company is a huge multibagger. What do you prefer: 100% of a stop-signed shell, or 5% of an actual company? And that's YOUR worst case scenario with YOUR made up numbers... what if to maintain investment he keeps the actual integrity of the ticker and leaves more than 10%?
And again, he can't contemplate any of these moves until he's received the custodianship and brought the shell current. So plenty of time for DD along the way.
Hes not suing the company. Under court supervision, hes gaining temporary control of a defunct company with delinquent filings. His duty under NV law will to be to restore the company filings and create a reporting, current company again. If he abuses that duty, he's in violation of court and we could even sue him.
Bear logic:
1. We aren't educated on legal duties of the custodianship process under state law.
2. Therefore, it doesnt mean anything.
3. Therefore, this stock has empty value.
Yep. Motion for Appointment of Custodian on 7/14.
I mean, the rumors were a Chinese company merging into the shell. Makes sense that the virus would delay this play. As you said, should correct pretty quickly once everything is moving again
Nevada requires an annual list to be filed every year in your formation month. It's just a current list of directors. Not a report. It is usually paid alongside the fee for the Nevada business license. This tells us: the company is active with at least one "post-Lazar" director, it's controlled by someone meeting its filing requirements, and they are spending $$$ on keeping it active. All the best signs for those of us awaiting a merger
Haha. I have a JD and specialized in tax, specifically executing tax-free company reconstructions. But I respect the jest :)
I used to work with Mergers and Acquisitions. If my clients were targeting a public ticker in this way, I would likely demand that they reverse split in every scenario. Weeds out the exact kind of traders who are whining about it on this board. Gets rid of stock manipulation by outside sources. Companies want stability. So to me, the R/S are signs of serious, long-term companies.
Don't waste your time explaining to him. People incapable of basic math are how we get cheap shares :)
It's a weird R/S, but having worked with mergers and acquisitions, no one has brought up the more basic possible reason for the R/S: to decrease volatility of the stock price. It decreases the psychological influence of day traders and public manipulators (the classic Berkshire model). Of course there is risk, but it could just be a healthy company that only wants sound long term investors in the OTC. The R/S could be designed precisely to keep out the people on this board whining about lost volume and bring in those doing proper dd on the market capitalization thus in for the long haul.
Consider me a buyer as well. Reverse Split losses are generally uneducated OTC short term traders playing the psychology game (i.e. splits are bad just because people believe they are bad) If anything, FHAI just got more valuable in my eyes. A worthless shell just got virtual confirmation of its reverse merger and a 67% off coupon. Happy to hop aboard...
I agree. I personally had about a fifth of the float since the .003 days. Sold a chunk off to diversify, but still here for the long haul.
If I had to guess, it's because it's a revival process and not a reinstatement process.
His last two were both reinstatements. As REEI was "permanently revoked," it is a slightly more invasive process. He was technically slow in the last two as well, as some of these guys can reinstate tickers in as little as a week after custodianship, he took 40+ days. Could be just newer process/paperwork/filings for him...
Not a worry. I bought every share dropped today at .01. Always happy to be onboard a custodianship play
The other Lazar plays have gone pink current around two months from reinstatement. So, I'd guess we see it by the first week of July. I've seen several investors waiting for the stop sign to come off so they can trade on this one.
These plays are all very speculative, so it’s hard to say. It’s all about the merger target. Until that point though, the amount of shares in play will greatly affect the value. People were buying it up to .0021 on merely the custodianship hearing. Now I’m to believe that it is worth only .0007 after both custodianship and reinstatement? Hardly. It’s almost certainly worth more than it is trading at now and it has the potential to meet or even surpass RARS. But I’d say the more likely outcome is around 40%-50% of RARS until a merger target is announced. People will be hesitant to go higher due to the volume. But who knows, by the end of both mergers RARS may be at .004 and OWVI at .02+. Bigger volume could mean a bigger fish wants to acquire it.
Very true. But RARS didn’t have the pre-custodianship surge OWVI did. My guess is that OWVI got saturated with traders following hype and sound fundamentals, but no idea what they were trading on. The current level is more similar to the starting point that RARS built off of. This is far from my first of these so I’m holding and hoping