This was the tweet from April, 2023:
After a successful auction the immediate focus is on $MDCE corporate matters:
-New Website, New Logo and Expanded Company Vision
- Preparing for Full Audits for further transparency and future potential up list goals
- 2.3 billion block to be converted to preferred class
- Reduction in Authorized Shares
- Exploring potential further SS reductions/clean up including potential share cancellations
- Initiate Name and Ticker Symbol change when possible
- Enhanced Branding Initiative
Please note that nowhere does it mention that the 2.3 billion block will be canceled. The cancellation of 500m shares is something new as the plans likely have changed.
As I said a few months ago, I am interested in seeing the next filing for Q1 which should add clarity for where Marshall’s restricted shares are going. If his number of restricted shares goes down because of the Lebron Jersey acquisition, that is a good thing. I suspect that he wants to hold the remainder of the shares (not cancel them all) for other acquisitions. I say “suspect” to be conservative but I hear he does have a merger in the works and it’s not just another jersey or item…just needs to close. Of course if that goes through before the end of the month, we should see that in the quarterly filing after the upcoming Q1 filing.
Perhaps after all the restricted shares are doled out and distributed, then we see the actual conversion of the restricted insider shares to preferred. Just some “speculative” thoughts…
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