On the summary page, the par share count refers to the A/S. If there is a secondary par share count, it refers to preferred shares authorized. This is important to watch closely.
The trick is the amendment link at the bottom.
While I am sure you know that the A/S is a small part of the total share structure (A/S, O/S and float,) too many times a company will file a quarterly report showing an A/S of say 1B an O/S of 500M and a 350M float or whatever.
Look for “previous par” count and the potential “new par” count and mind the dates.
A pinksheet can file their Q and update otcmarkets with the share structure and file an amendment a day or two later with the SOS.
They are not required to disclose it until their next financial statement.
It happens pretty often actually.
People think they have a low float, low A/S, low O/S gem with a 1B A/S.
Until the day that stock sees 1.5B in volume and people don’t understand how a stock with a 1B A/S can trade that kind of volume.
At that point, people start claiming shorts have sold a huge amount of “air shares “into the market and will face a “short squeeze” to explain the volume, luring new traders into a horrible situation that is most likely dilution and doesn’t have to be disclosed until the next Q.
By then it is usually too late to get out without heavy losses.
Also, on that topic, if there is a preferred class of shares I/O, you have to know the rights of that class.
A lot of OTC stocks have a super preferred class with voting rights of 1 share into 1000 (or higher) of commons.
5M preferred shares outstanding can seem harmless, but they are usually used to secure controlling interest in a stock that is engaging in massive dilution.
If stock ABCD has an A/S of 5B with an O/S of 4.9B and float of 4.9B, the superior class of shares will insulate the officers from any reverse splits and allow them to maintain a controlling interest while also allowing them to initiate R/S’s without any proxies or warning to common shareholders.
People get blindsided time and time again by the small details of share structures.
Hope that helps.
GLTU, IMO and FWIW.
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