Humanigen Inc (HGENQ)

[cowtown jay]

"Canadian Investment Regulatory Organization (CIRO) is the recognized SRO to operate as a successor to the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (the MFDA). IIROC and the MFDA amalgamated to continue as the New Self-Regulatory Organization of Canada (New SRO), effective January 1, 2023, which subsequently changed its name to CIRO on June 1, 2023."

https://www.osc.ca/en/industry/market-regulation/self-regulatory-organizations-sro/predecessor-self-regulatory-organizations/investment-industry-regulatory-organization#:~:text=IIROC%20and%20the%20MFDA%20amalgamated,CIRO%20on%20June%201%2C%202023.

In my experience, the US government's abuse of discretionary authority was never more clearly illuminated than when my former focus company, SpongeTech, would introduce an Original Issuance of Shares (OIS) to a group of investors who were located in both the US and in Canada.

IIROC came down hard on everybody involved: the clearing firm; the brokerage; and the individual broker.

For the most part, there wasn't a peep from the American Self-Regulatory Organizations (SROs) such as the Nasdaq, FINRA, or the SEC, for the protection of American investors who received shares from that very same block of shares issued by the company.

I was able to subpoena FINRA's Electronic Blue Sheets (EBS) trading records, which showed tens of millions of shares naked shorted every day. And the primary clearing firm SPNG used, Penson Financial (which came our of nowhere and had quickly become the country's 3rd largest financial firm), declared bankruptcy. The SEC also ended up, finally, charging Penson with naked shorting. Here is info for anyone interested.

https://www.sec.gov/news/press-release/2014-101

https://www.sec.gov/litigation/admin/2015/33-9914.pdf

Of note, though, is this:

"The Commission will hold funds paid pursuant to this Section in an account at the United
States Treasury pending a decision whether the Commission, in its discretion, will seek to
distribute funds or, subject to Exchange Act Section 21F(g)(3), transfer them to the general fund of
the United States Treasury."

from the 2nd link, page 23

The SEC is chartered to protect the investing public, and to return disgorged funds to injured investors. They should add a sentence clause to that mandate, "if they want to." They didn't want to restore injured investors against an informally associated individual here.

I don't know what management's plan is in regards to Failures to Deliver, but I'm glad they are astute enough to manage this situation themselves, by the design of their share structure, and I look forward to a 5:1 forward stock split, and a stock-for-stock merger, or two.