It is 21 days from the record date before any changes can take effect with the share structure. They have listed October 4th as the record date so the current structure will remain until at least October 25th.
I would give caution to the assumption that this is always a negative move with a verifiable story of what happened the last time I went through this process.
In January of this year, I was in a company who announced a very large increase to the authorized shares. The market initially acted accordingly but during the waiting period, the company announced that a known angel investor was coming in to pay off all the notes, provide working capital, and take a 40% stake in the company. The stock went up 4000% shortly after and has held at least 2000% since then.
The last 8k definitively stated the termination of all prior material agreements along with two new contracts, one of which was with an establishment voted top research medical facility is the US. This 8k clears them for a future agreement without conflict.
In the proxy, it was announced that 5.5 million new series C preferred shares have been created. It is not uncommon to reserve shares of common stock to cover a private placement of preferred shares as a form of collateral for the investor but the shares must be authorized and the TA made to record and deny any issuance of common shares beyond those placed in reserve.
The expression "buy the blood" was not pulled out of thin air. It is based on decades of experience.
This company has a CEO who has built and owns a now 60 million dollar a year revenue generating company from scratch. They have a product that is being implemented in the top hospitals in the country. They have had 2 companies in the last 6 months make offers to purchase the company. It is just a matter of time before they find the right investor and on agreeable terms, if they haven't already.
Stay tuned!
PCTL!!
