Hop-On Inc (HPNN)

[PRmaniac]

Elly, Hop-On wanted to "surprise" their loyal shareholders with a reverse split they planned and filed for.
The previous reverse split was shortly after the CEO claimed "no reverse split" and "no dilution". The reverse split was a total surprise and hurt shareholders badly. Since most common shareholders found their shares locked-up while their brokers did the conversion, and Hop-On immediately dumped tons more dilutive shares, investors found their holdings' value tank before they could sell their shares.

Apparently Hop-ON planned another suprise reverse split earlier this year, so they could continue dumping dilutive shares

I posted a couple times, speculating that the mystery amendment was probably to double the authorized shares or for a reverse split. I was half-heartedly joking, but was curious about what the amendment was for.

Not long after that, billytbone found out that the amendment was, in fact, for a 1:2500 reverse split.

Almost immediately after billy disclosed this reverse split filing, the CEO scrambled to stop the impending carnage by claiming they would now not reverse split.

So, I think, by revealing the previously-secret reverse split plans, Hop-On was forced to cancel it because the element of surprise was lost. The stock price would have dropped much before the reverse split, which would not allow the CEO's cronies to dump shares at the inflated prices they were hoping for.