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Monday, August 18, 2014 7:08:26 PM
I mean, they just issued themselves more shares and took the company away. You say no? Really? Say this didn't happen?
What if it was true, would you still say they are good guys and do what's best for the stockholders?
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Seeking Alpha- NNVC -80% article segment
http://seekingalpha.com/article/2010691-nanoviricides-house-of-cards-with-minus-80-percent-downside-strong-sell-recommendation
"Devil in The Details: "stolen control of the company and now have absolute dictatorial power"
The trick is these "Series A Preferred Stock" have very unusual terms only offered to insiders which grant them "absolute dictatorial power" over NNVC, while Diwan already controls Theracour. Originally, each A share converted into 4 shares of NNVC stock and carried 4 votes per share but on 6/15/2012 (after the insider lawsuit first became filed) mysteriously the Preferred shares were amended to each carry an astonishing 9 votes each! This may not seem important until you do the math on what this means.
In effect, this means NNVC insiders granted Theracour an astonishing 63,000,000 votes total (at the time). So all in Eugene Seymour and Anil Diwan (the only two board members at the time) in 2012 increased their own voting control from ~30% to 54% and effectively stole control of NNVC from shareholders."
Recent NNVC News
- NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • InvestorsHub NewsWire • 05/02/2024 02:07:42 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/16/2024 09:53:32 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/14/2024 09:55:35 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/19/2024 09:44:48 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 12/04/2023 09:08:49 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 10/13/2023 08:30:41 PM
- Form NT 10-K - Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405 • Edgar (US Regulatory) • 09/28/2023 08:44:54 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/01/2023 08:46:45 PM
- Clinical Trial of Broad-Spectrum Antiviral Drug NV-CoV-2 is Progressing Well, Says NanoViricides - NV-CoV-2 is Positioned to Fulfill Many Unmet Medical Needs • InvestorsHub NewsWire • 07/06/2023 03:16:37 PM
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Bantec's Howco Short Term Department of Defense Contract Wins Will Exceed $1,100,000 for the current Quarter • BANT • Jun 25, 2024 10:00 AM