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Wednesday, November 08, 2017 12:03:53 PM
Some companies still do that filing for significant company events when they are using the alternative filing method provided by OTC Markets, but I do not believe it is manditory.
A bankruptcy filing is also a significant company event, and for that, Adrian filed that "additional information" document with OTC Markets, and did not file a Form 8-K with the SEC.
So, maybe a filing with OTC Markets would be filed, but I would not count on it.
Further, over the last week, Adrian made a point of updating the share structure numbers reported on OTC Markets every day that those huge volumes were trading. Normally, he only updates those numbers maybe once per quarter, not every day.
He clearly wanted people to know all of that volume was not dilution (because they were shares that had to sit restricted for 12 months per Rule 144 before the financiers could dump them into the market). The dilution regarding those shares dumped into the market occurred 12 months ago when Adrian created those shares.
However, during that same period, Adrian did create 1.5 billion more new shares of DNAX. Those will also have to sit restricted for 12 months before the first buyer of those shares can sell them. So, in November of 2018, they will be converted to unrestricted shares. You can bet there will be some huge trading volume days around the second week of November next year.
So, seeing that Adrian INCREASED the O/S by 1.5 billion shares in the last week, it is unlikely that there was any hidden attempt to buyback and cancel shares at the same time. Adding shares while also deleting shares would be rather pointless.
Keep in mind that many publicly traded companies don't even have 1.5 billion in their entire share structure, and Adrian added that much in one week.
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