((Is it legal?
If the merger occurs can they actually restrict the currently restricted PAIV shares for another 2-years?))
Yes, it is legal. Will they do it? Don't know yet until we see ALL TERMS but my opinion is they will.
((Here is why I ask...
The people that stayed in during the last merger did so on their own free will knowing full well through full-disclosure that they were going to get stuck with restricted shares for a 2-year period. I would have to assume logically that a company can't just come along every 18-months or so with another transaction and then ultimate "tack on" another 2-year restriction without giving you a choice.
Thoughts please.....))
Doesn't matter. If any company undergoes certain Corporate Changes, they have a lot of leeway to do many many things.
You will no longer own PAVC. You now own a new company and if they decide the terms to form this new company mean they will give restricted shares, then that is what you will get. PAVC will no longer exist. You will own a new company with a new share structure and all that goes with such a corporate change.
Typically, shareholders get to vote on such things but with the PS and OTC issues, most of the time the insiders hold enough to pass any vote they want and trump what the shareholders want.
