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Thursday, September 06, 2018 1:13:51 PM
I got out today with my remaining 1.5M shares @ .0011, but regret not selling upon the open on Tuesday.
I feel lucky that I only lost $1K overall, as I was fortunate to sell 2/5 of my position at a profit last week.
Honestly, like you, if I could have sold all my shares at .0000 (NO BID) today, in exchange for a guarantee that the company would go out of business or be shut down by financial regulator's, I would.
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That being said, I would like to arm you with further info to help support a possible complaint with FINRA and/or the SEC.
1. They lied to shareholders about NO RS. So many longs claimed that IR advised, told them, emailed them "RS OFF THE TABLE", yet they did it anyway a few weeks later.
Therefore, investors were mislead and deceived by the company's in-house IR.
2. If you look at their most recent 10-Q, under subsequent events:
"Note 12 Subsequent Events
During the period July 1, 2018 through August 20, 2018, the Company sold 20,000,000 shares of restricted common stock Using exemption under REG S for
gross proceeds of $90,000 and net proceeds of $45,135."
So ABCO is claiming that a foreign investor paid $90K for stock only worth $60K on the open market (at the time, now worth less than $20k), and received shares that are further restricted for 6 months.
Who the F pays a large premium over the current open market price for restricted common shares??
How did they convince this investor to accept those terms that don't make any sense to begin with, let alone they then RS (2) weeks later!
My take is that the company completely fabricated this, deceived that investor, or arranged a faux wash sale to instill confidence in its market.
Everything I say is only my opinion, and should not be construed or relied upon as investment advice.
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