Manhattan Scientifics Inc (MHTX)

[VerminHex]

Planning for the next IBX haircut...

This will be voted on at the next IBX shareholder meeting on May 31.

https://imagionbiosystems.com/wp-content/uploads/2019/05/20190429-IBX-2018-AGM-NOM-final.pdf

"6. Resolution 5: Approval of 10% Placement Facility
To consider, and if thought fit, pass as a special resolution, with or without amendment, the following:
“THAT for the purposes of ASX Listing Rule 7.1A and for all other purposes, approval is given for the Company to issue up to an additional 10% of its issued Equity Securities by way of placements over a 12-month period..."

IBX just had a massive 130M share dilution. Now they want to shave another 10%, or 32M more shares.

That'll give them roughly another $1M dollars to blow. About enough for six weeks of operations.

Meet the new boss. Same as the old boss.

On edit...

I read the addendum to rule 7.1A. Here it is...

Under ASX Listing Rule 7.1, every listed entity has the ability to issue 15% of its issued capital without shareholder approval in a 12 month period. ASX Listing Rule 7.1A permits eligible small and mid-cap ASXlisted entities, subject to shareholder approval, to issue Equity Securities of up to an additional 10% of its issued capital by way of placements over a 12 month period, in addition to its ability to issue securities under Listing Rule 7.1 (10% Placement Capacity). The Company seeks shareholder approval under ASX Listing Rule 7.1A for the 10% Placement Capacity. The effect of this resolution will be to allow the Company, subject to the conditions set out below, to issue Equity Securities under the 10% Placement Capacity without using its 15% Placement Capacity under ASX Listing Rule 7.1.
Resolution 5 is a special resolution. Accordingly, at least 75% of votes cast by shareholders present and eligible to vote (in person or by proxy) at the meeting must be in favour of this resolution for it to be passed.

So, they don't think 15% will be enough. They're planning to dilute by a full 25% in the next 12 months. A full 80M more shares!

Nobody can stop them because three or four shareholders own the majority of the stock, with MHTX being the largest shareholder. And as we all know, there's never been a dilution Marv didn't like.

That'll knock MHTX's value down from 20% to 16%. This is sooooooo Stooge like. Ride 'em hard and put 'em away wet.