I messaged IR yesterday.
Subject: RBIZ: Nestbuilder Spin-Off
Date: May 31, 2018 at 9:10:05 AM PDT
It has been over a week since the update regarding the unexpected follow-on information request from FINRA. When can investors anticipate closure of this issue and the spin-off of Nestbuilder to complete.
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Date: Thu, 31 May 2018 at 13:15
Subject: RIBZ Spin-off
The "non" spin-off was a surprise to us as well, because we got that date from the SEC. The spin-off was originally being handled by NestBuilder, so to keep things moving, Verus is now handling the paperwork. Apparently, FINRA gets the final say, so they sent over a list of questions -- most of which were related to the global legal settlement. These were pretty basic questions, but required the collection of some additional paperwork.
FINRA will review those answers and green light the spin-off, so as soon as we hear back from them, we will update shareholders. Just as an FYI, this is more symbolic than anything else, because NestBuilder still has to file for a CUSIP and list on an exchange before their shares can trade. Investors do not have to do anything, as the transfer agent will handle the change and both companies will appear on everyone's statements. As soon as the spin-off occurs, RBIZ will file for a name and symbol change.
Hopefully, all of this is back on track and happens soon, but that just depends on FINRA. We will provide an update when we get more information or an official day that this will occur.
Mark
