I don’t think you are correct on the legal side. I have seen plenty of information about the requirements around a RS that contradicts your claims. If they were breaking securities laws I would think there would be some lawsuits. Beyond that I believe Florida law was on their side in taking this action.
Beyond the legalities, the majority of the shares are owned by insiders. They would have the votes. Why go to the expense of a proxy vote for something they have the votes for? It is a waste of time, energy and money. I would much prefer them to focus on more pressing matters, which is to develop their portfolio of rare disease solutions.
Lastly anyone who sold on this news was selling on intent of a future event not on the actual event itself. They have not announced a split. They may at some point but as of the letter a few months ago to now they have not done any split. It just gave long shareholders like me the opportunity to buy cheaper shares.
If you do not like the intent of their future actions, which is being driven by the desire to uplist to a larger exchange and get some institutional investors to invest I suggest selling your shares and moving on down the road.
As for me, I love the business plan, the leadership team and the forthcoming partnership with the National Eye Institute to help get Metformin eye drops to market for the treatment of AMD. It is a $10B+ market opportunity per year and the current treatment is an injection in the eye. This has huge potential.
Long and strong CUBT.
Sincerely,
Wrangler1
CUBT Cult CEO Candidate
