I am just going to post a partial list of the Cons portion of a pros and cons chart to the process of "going dark" which NEAH undertook in may of 2017.
1. If the company “goes dark,” but later somehow finds itself back over the 300/500 stockholder limit at a test date, it will once again be subject to SEC reporting requirements. After the over 300 million share dump in April of 2018 I wonder how many shareholder of record there were ?
Securities laws and the Pink Sheets may require some level of ongoing disclosure to stockholders. Annual stockholder meetings are still required.
I never saw anything about an annual stockholder meeting did anybody else there has been absolutely zero disclosure here ?
2. Stockholders may bring litigation against the board of directors for, among other things,(a) breach of fiduciary duty caused by decreased liquidity and trading price resulting from “going dark,” if that in fact occurs, (b) insider trading by officers and directors on the basis of material non-public information (because no periodic reports have been filed or adequate information released), or (c) repurchases by the corporation on the basis of material non-public information.
This one was a doozy.
5. The company will remain subject to anti-fraud provisions of state and federal securities laws.
The reduced governance and oversight requirements can result in an increase in conflict transactions, and even breaches of the duty of loyalty and a decreased focus on stockholders as a constituency. Boy was this one on the dot.
I am still waiting to hear something, anything from NEAH or XNRGI or whatever it is called as to what they plan on doing about stealing our fractional shares without paying. I would like to see what the final stock reconfiguration is that we end up with. The Hubris displayed by the officers of XNRGI is astounding in the face of how they have treated shareholders. In their minds they know all and we are ignorant of what they have done for us, well yes that is true and it was by their design. Faith is for religions, this is a corporation not a religion, no faith is given or owed here.
jmho
Bill
AI
