Southern Concepts Restaurant Group Inc (RIBS)

[NewJerichoMan]

Did some more digging on Ross DiMaggio. Followed his LinkedIn activity (internet stalking!) and saw he liked a post by David Unger. Having just perused the filings, I recognized his name as the accountant for $RIBS. Below is the very relevant post Ross liked.



I called David Unger and spoke with him. Asked if he could give a hint on the future company to be rolled into the ticker. He said no. Lol. No "inside baseball" info for me.

Kind of an interesting play. For companies of a certain size (not too big and not too small), they can avoid the tediousness of an IPO with a reverse merger. They did it with $ACRU in 2021, which is where Ross DiMaggio is the CFO.

David Unger is aware of the 18-month deadline (around March 28, 2023) for shell companies. He suspects if they've declared and are in process of the RM, the Powers That Be will be lenient. I tend to agree. Everything I'm hearing is it won't be banishment to the Expert / Grey Markets for shells that don't meet the deadline, with the stipulation of as long as the ticker remains current.

Current share structure stats are 125M authorized (probably going way up), 97.5M shares outstanding, 25.5M shares unrestricted, and a market cap around $1.3M, which is a bit pricy for a shell but nothing too egregious.

So the future value of $RIBS, as it always has, comes down to what company gets rolled into it. But we know It has a couple of educated gentlemen at the lead, who are currently working on it, and who've already successfully been through the process once (2021). I think that bodes well for the potential future success of this ticker.

David Unger profile from his website for New Hope Capital.