Waypoint works for PCTI, a private company who sought to go public via ELTZ. Unfortunately, the one fact they had to completely rely on the management of ELTZ was if they had received a suspension warning prior to signing the LoI, of which they were assured they had not (the penalty would be a default on a very expensive LoI). Fact is, they were lied too as the action of a letter being sent on or around May 30th did occur as per the suspension docs. Regardless if they had received it at the proper address, neither the SEC or FINRA seem to have any interest in changing the outcome as is.
Communications with ELTZ have been completely unresponsive since the suspension which has made any progress continuing with them impossible. Waypoint has been patiently waiting while PCTI conferred with legal to consider their options. I can say that it looks like they are close to announcing their decision even if ELTZ fails to file the outcome early next week.
Waypoint can confirm via direct communications with Crown Partners, that they converted and sold off an aged note which was listed on ELTZ’s last filing via the market between the 8k of the LoI and the suspension. We were not notified by ELTZ until Waypoint confronted them with the OS increase reported to us upon request by their TA (we alerted shareholders via Twitter immediately).
Waypoint will,continue to update at PCTI’s instruction.
