Sunday, November 04, 2018 7:32:03 PM
We know that EB controls all the preferred shares as well as the vast majority of the 263.4 outstanding common shares, of which at least 116.4M are restricted. We know that as part of the Change of Control, the previous management sold all their shares to EB. We also know that all the prior convertible debt was paid off as part of the Change of Control, and so there can be no new issuance of shares due to legacy conversions or prior management hold over. An examination of the history of share issuance from the last 10Q prior to the Change of Control shows that roughly 45M common shares were bought for cash or issued to prior management, and 71M were issued for conversions under prior mgmt before the Change of Control. There has been some discussion on the board here regarding how many of those shares were transferred to EB in Non Open Market transaction during the Change of Control. Estimates of the float that I have seen discussed here have ranged from as low as 17M to 30M, but as far as I am aware we don't know for certain what the float is. Perhaps some other posters can chime in and provide this detail.
We have seen the company issue 100M restricted shares to Reliance GH in the days immediately after the change of Control was announced on 10/09. We do not know, at this time, whether those shares are part of an acquisition of assets underway or if they were issued for another reason.
On 10/25 we see that EB issued 16.4M restricted shares in consideration for the first acquisition of two Michigan-based insurance agencies. This confirms that EB intends to use restricted shares to structure at least some of the deals coming into EOMN.
https://www.otcmarkets.com/stock/EOMN/news/story?e&id=1205551
At this time we also learned through and amendment filed with the FLSOS on 10/18 that the common and the preferred Authorized Shares are in the process of increasing to 2B commmon and 750M preferred - however we have seen no further issuance of shares to date. Notably, the FLSOS amendment outlines that "Before the corporation shall issue any shares of Preferred Stock of any series, a certificate of designation... shall be prepared and signed by an officer of the corporation and filed in the manner prescribed by the FBCA." Therefore, it would appear that in fact the rights and series of Preferred Stock have not yet been finalized at this time. Amendment here:
http://search.sunbiz.org/Inquiry/CorporationSearch/ConvertTiffToPDF?storagePath=COR%5C2018%5C1102%5C15276474.Tif&documentNumber=P13000064240
Interestingly, on 10/30 a new pending acquisition was announced - with no further issuance of restricted shares. In fact, it was stated in the announcement that "EOMN's lender has already approved financing of the pending acquisition."
https://www.otcmarkets.com/stock/EOMN/news/story?e&id=1209148
Now, what does all of this tell us?
I think we will likely learn a lot more in the coming days, but my suspicion is that EOMN is on the verge of a series of very significant acquisitions.
GLTA EOMN
all my posts are my opinion only. always do your own research.
Recent RELI News
- Reliance Global Group Announces Enhanced Terms for Pending Spetner Acquisition • GlobeNewswire Inc. • 09/09/2024 12:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/27/2024 12:40:28 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/30/2024 12:30:27 PM
- Reliance Global Group Announces Advanced Quote & Bind InsurTech Solution for Commercial Policies Launching in Q4 2024 • GlobeNewswire Inc. • 07/30/2024 12:30:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/25/2024 08:10:47 PM
- Reliance Global Group Reports Second Quarter 2024 Results and Provides Business Update • GlobeNewswire Inc. • 07/25/2024 08:05:52 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/25/2024 08:05:29 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 07/24/2024 08:12:12 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/23/2024 08:15:20 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/19/2024 12:30:34 PM
- Reliance Global Group Schedules Second Quarter 2024 Financial Results and Business Update Conference Call • GlobeNewswire Inc. • 07/19/2024 12:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/18/2024 12:08:27 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 07/18/2024 12:07:09 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/17/2024 12:30:38 PM
- Reliance Global Group Regains Compliance with Nasdaq Continued Listing Requirements • GlobeNewswire Inc. • 07/17/2024 12:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/16/2024 07:39:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/16/2024 07:37:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/16/2024 05:56:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/16/2024 04:33:33 PM
- Reliance Global Group Announces Formation of New Real Estate Division Aimed at Expanding Operations • GlobeNewswire Inc. • 07/01/2024 12:30:00 PM
- Reliance Global Group Announces Reverse Stock Split • GlobeNewswire Inc. • 06/26/2024 01:15:41 PM
- Reliance Global Group Announces Withdrawal of Registration Statement • GlobeNewswire Inc. • 06/24/2024 12:15:00 PM
- Reliance Global Group Announces Major Enhancement of Capital Structure Following Cashless Exercise of Warrants • GlobeNewswire Inc. • 06/20/2024 12:30:00 PM
- Reliance Global Group Provides Update on Pending Spetner Acquisition • GlobeNewswire Inc. • 06/18/2024 12:30:00 PM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM