Paychest Inc (PYCT)

[poopscooper]

You See Lemon the DTC doesn't read every PR and proceeds to find David Shaw or Xinpro and then lifts the chill...
Do some DD and you will find what the DTC does and demands to get a chill lifted...





As far as the Company can tell, the temporary chill was triggered as a result of an increase in issued and outstanding shares, caused by preferred shareholders converting existing preferred stock into common stock.

Previously, under a number of agreements, certain of the Company's investors funded the Company by purchasing preferred stock with a conversion feature. These preferred stockholders converted their preferred stock into common stock to benefit from the possible upside of their investment. As such, the group converted 545,000 shares of preferred stock at $0.0001 resulting in the issuance of 5,450,000,000 shares of common stock. Many of those shares cannot be deposited into the DTC clearing system for possible future sale.

The DTC chill can, and does, affect a company's funding source in that it influences the internal policies and procedures of some brokerage firms. One such policy is that some brokers have restricted or blocked buy orders from customers wishing to purchase the Company's shares on the open market. As a result, trading volumes are at historic lows. Funding has been limited to a maintenance basis whereby only essential capital requirements will be funded. According to the funding sources, upon removal of the chill, further ongoing funding is slated to return.