Update regarding Class C Conversion Process:
Hi All, I posted over 5 weeks ago asking for help regarding class c conversion. In the time that has passed, I have been in communication with investor relations, the SEC, my broker, and the transfer agent with seemingly no end in sight. The following is the last email I received from VStockTransfer. My question is, has anyone successfully gone through this process? I have been told by Ian that people have gone through it without issue, but I am skeptical. Any feedback is appreciated!
We are in receipt of your communication with the SEC, which is reproduced below for sake of convenience. As an initial matter, while it is unfortunate that you found the 8-K confusing or misleading, we do not have any control over the company's filings. We will alert the company and perhaps they will address it. As for effecting the exchange of Class C for Class A, you will need to do the following:
1. Instruct your broker to deliver the securities along with relevant instructions for the shares to be retitled into your name. All the shares are currently held by the broker in certificate form. Keep in mind that the shares are also subject to 1933 Act restrictions. Our fees for this will be $80 (this is separate from any fees your broker charges).
2. Once the shares have been registered in your name, we can either effect the conversion into Class A Common Stock immediately or await the documents outlined in step 3 below. Such shares will remain subject to 1933 Act restrictions. As you may be aware, you are entitled to convert up to 25% of your holdings per annum. Our fees for this will be $45 (if the conversion is effected at the same time as step 3 below, these fees would be included in the fees for step 3).
3. The Class A Common Stock is DWAC eligible. However, in order to DWAC the shares, the 1933 Act restriction must first be removed. In order to do so, we will require a legal opinion setting forth the basis for removing the restriction. You are free to use your counsel of choice for this. In addition to the opinion, we will require instructions to DWAC the shares. An instruction form may be found on our website (www.vstocktransfer.com) under the "Forms" tab. Once we receive the instructions and legal opinion, your broker will need to post a DWAC request to take the shares into your account. Our fees for this will be $120 (includes all fees from step 2 if being done concurrently).
AI
