C'mon folks, just do some DD of your own. You know, part of DD is understanding rules for issuers. There is absolutely nothing as absurd as a requirement to file a disclosure that a 3(a)(10) transaction has been completed. Just like there is NO requirement to file a disclosure that a toxic lender has started OR completed converting OR selling shares.
There are MANY requirements for disclosure to cover all of the possible ways that ISSUERS can SELL shares. NONE for disclosing that issuers or anyone else is DONE issuing or selling shares. For example, SEC-reporting issuers are required to file an 8K to disclose when they issue a convertible note - BECAUSE they are, in effect, issuing stock, should the note convert. Yes, the stock is not officially ISSUED at that time, but when the noted is funded (money actually chages hands), that is the time that the clock starts on the 6-month restriction for Rule 144 exempt shares being "issued". The point is to force these issuers to report to shareholders that the 6-month clock is starting to tick for shares that, if converted, though currently restricted, could become unrestricted and free-trading, should the note holder convert.
And NO, a holder of 3(a)(10) exempt shares of ONCI is NOT holding OR selling shares now. Quite simply, that's NOT how it works. They get a tranche of shares and sell them, and then they get another and sell them, and so on, until the net proceeds from sales of shares satisfies the debt that is being paid through the 3(a)(10) process. This process CANNOT be completed until the shares are actually sold and the balance on the 3(a)(10) settlement is paid in full. So IF there is any statement from the company that the 3(a)(10) is done... it is DONE - shares given to seller (NB), shares SOLD in the market, total proceeds from sale of stock = total settlement amount for the 3(a)(10) transaction... DONE, DONE, DONE - no more 3(a)(10) shares to sell... ZERO... ZIP... NADA. Easy enough to understand?!?
Any issuer MAY freely disclose, in an 8K, in a press release, or a tweet, that a 3(a)(10) transaction has been completed. There is NO requirement to do so.
SB indicated in the previous Shareholder Letter that the 3(a)(10) was 99.9% complete, and he estimated completion by "today or tomorrow". He then tweeted a few days later that "...the 3(a)(10) is done... and there is NOT another 3(a)(10)." Easy enough to understand?!?
I am most definitely NOT the only shareholder that understands this process. Undoubtedly, there are many who could have offered this clarification, if it suited their interests. The mere fact that no one has clarified this should tell anyone paying attention here that there are some number of traders who see it in their best interest to let the FUD (fear, uncertainty and doubt) persist. Gee... could it be that there are more than a few flippers out there? And quite likely, more than a few longs who are not too upset to have more shares at a discount price. But look at the volume, accumulation and share price. Should tell you something - like... just do your DD.
I don't really care a whole helluva a lot, I've been absorbing more than my fair share of stock again over the past week+. Maybe I'm just concerned about losing self-respect, bottom-feeding like this to my heart's content from these low-volume capitulators, feeding on this FUD - all while I read numerous posts from seemingly unknowing traders who actually give credence to these ridiculous ideas that "well, maybe there's something to this claim that there are 3(a)(10) shares still converting." It's pretty simple. Flippers love FUD. But then again, so do longs. As I've already admitted, I have benefited from it.
