Classic tale of an investors visit with our bloated CEO friend in late April 2020! All the signs were there for someone with an open mind, but pink sheet investing is not about an open mind, it's about ignoring anything negative! Well here it is:
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So this is what I learned from my visit today, I am trying my best to paraphrase as I did not take out a note pad and jot things down in front of him.
1. Mr. Berman was alone and had two ladies working in the office with him, I supose one was a secretary and not sure what the other one was. He did not seem very professional and his office was not the cleanest. He told me that he does all his PR's, so basically it is a one man show over there.
2. He was surprised to see a shareholder there and said he hadn't had a random person come in in quite a long time. He seemed somewhat unbothered by the situation with the SEC. Initially I asked him what he thought about it and he said that they got the news today through outlets as well, so they did not get any phone call or letter from the SEC as of yet. He did mention at some point that the SEC had contacted him before on a few occasions but he was surprised regarding today's suspension. He also stated initially when I asked him what he thought about how things would proceed is that they would be suspended for 2 weeks and then trading would resume.
3. I asked him well aren't you worried about possibly going into the grey list and he said not really, if that did happen we would bring it back out. I said doesn't take time? and he said why would it take time?
4.He did acknowledge that he would put out a PR late Sunday evening going into Monday in regards to this. He also mentioned that the SEC itself cannot delist the stock from the OTC, that it was only the market makers that could do that. I asked him if he isn't worried about the market makers doing that? and he said he had a few large shareholders that would probably be in touch with the market makers regarding this matter. I asked him if he was going to show the SEC what he needed and he said that he didn't need to do that, and that he had talked to a few different lawyers and they had told him he doesn't need to contact the SEC. So again it looks like it is up the the market makers from what he was saying.
5. His thoughts were that a few people or more from the message boards were behind this and that he is aware that there are always people accusing his company of negative things like dilution and offerings, etc. and that the huge trade that was planned out that sold like 9 million shares around .23 was the event that
triggered everything. He felt like someone had planned that out over the course of the last month.
6. I asked him if everything with the FDA would be moving forward? and he said yes why wouldn't it? I said well I would assume that it would but wouldn't it make things more difficult? He said it may, but not necessarily. That he had two jobs, one was to get the product out and the other to make a return for his investors.
7. I asked him how come he would not show any FDA documents, and he asked me what makes me think that he should show it to the public or what makes me so privileged to see any of that? I said I'm not saying I am privileged I'm just curious. And he stated he is not going to show FDA applications etc. so that any other competition can see what they are doing.
8. I then confirmed with him that at the very least if the product makes it out of the PEUA phase and into the EUA phase that the company would then be listed in the FDA's website, and he did confirm that that would be the case. He also stated that he thought the second application that they will be turning in now he thinks will take a bit longer for FDA to decide upon because of the first application. Not sure why he thought this but seems as though maybe because of the testing they are still finishing and the fast tracking they are trying to do to bypass the PEUA stage.
At this point I can't remember much more, but I will follow up with another post and my own personal thoughts.
