Whatever its been written up that it is a scam.
From Seeking Alpha
RenovaCare: First The Promos, Now The Registration
Feb.15.18 | About: RenovaCare, Inc. (RCAR)
The Street Sweeper
The Street Sweeper
Short only, contrarian
TheStreetSweeper
(1,421 followers)
Summary
Now that the stock has risen on the heels of a promotional campaign, RenovaCare has registered to allow the sale of 4.4 million shares.
The CEO and the majority shareholder plan to sell the bulk of the stock. However, RenovaCare itself will not receive proceeds from the sale.
The 10 selling stockholders, at the recent stock price, would receive about $33 million. This windfall is courtesy of a company that paid $400K for its sole, unproven, non-FDA-approved product.
Rather than releasing a distracting statement against TheStreetSweeper's probe, RenovaCare would better serve its investors by displaying the insider selling plan in a public format such as Yahoo, Seeking Alpha, etc.
RenovaCare (OTCQB:RCAR) just issued a press release basically telling shareholders not to worry their pretty little heads over TheStreetSweeper’s ongoing probe into RenovaCare issues.
Unfortunately, RenovaCare did not tell investors the real news. So we will.
RenovaCare’s CEO and biggest owner have lined up to sell millions of shares of company stock.
That’s right. Those folks and other insiders have registered to unload 4.4 million shares of stock into RenovaCare's high market value.
It's important that shareholders understand what this really means. It means - on the backs of small investors - these insiders may cash out at over $33 million at these price levels ... on a bulletin board company that paid $400,000 for its highly promoted sole asset ... which underlies a product that is totally unproven.
We're sternly putting our foot down that the only valuable news of the day is this pending insider selling and the impact on shareholders.
We would kindly appreciate the company putting this information on Yahoo Finance and other outlets in the same aggressive manner that RenovaCare has devoted to other news releases.
This selling must not be buried in a filing.
This stock selling must be displayed for all investors to see ... in a public format ... rather than buried in SEC filings.
