JB and ZJMY Holding Co (JBZY)

[Doctorday]

Yeah, it's very difficult for me to understand how anyone believes that the idea of Wang being able to convert 1.25 billion shares, vs. the little more than 8 million outstanding, would be a good thing. This seems like a simple setup for a full Wang takeover of the company leaving shareholders with around 1% of the company in the end.
Why would he give up the opportunity to so easily own 99% of his own company? Are people just banking on the hope that he'll let common holders keep a similar percentage to the current value, just out of the goodness of his heart?

The lack of any news prior to the likely completion of the reverse split, is starting to make a whole lot more sense now. No reason to release news before owning almost all of it.