I have been talking with Tracy Thom
I have been talking with her over the past few days. I expect it will take a while for the company to decide what to do, since even I am surprised and not entirely clear how I was even able to get an order filled through a retail broker.
At the moment their position is that the seller was supposed to get company approval before offering the share to anyone else. My position is that I assume they did or the company did not respond within the timeline so that I do have a valid share.
One of the suggestions I made is that since I have an order to buy a block of common shares on what I think should be the best offer to buy, I expect any other such shares that I will get when they show up on the ask. For whatever reason it does look like every once in a while several hundred shares will trade on HYCT.
I suggested on solution is that the company agree I am allowed to hold shares and I could 'collect up' any shares that get out into the retail market, so over time as I bought from other sellers the number of shareholders would become lower.
I do expect that no matter what happens the company will probably become a full reporting company since in order to stay in business they will need to begin regular operations plus need access to the financial markets.
One other point is that when they time comes it will be in the company's best interest to get the value of the common shares, HYCT, as high as possible, since then the warrants will have value and get exercised. 12 million warrants at an exercise price of $8.40 would give the company a little over $84 million in capital and more than enough to fund some kind of operations.
Louis J. Desy Jr.
