To ALL: IMHO .. .. .. .. ..
Seems if you want to disguise a dishonest company, you set up shop and send out plenty of PR(s) to raise the stock price and only release a little bit of the stock at a time. This company did just that when it started with 800 shares at $200,000 ea. They started at $150,000 but shortly through private sales got it up to $200,000. Then you go a year or more and split 1000:1. And the next company does the same. Soon you have 800 million shares authorized, 538+ million outstanding, with the restricted shares outnumbering the float shares by 292.5 million to 245.5 million.
Now the restricted shares held by the members of the board and their families,...control this company and a large cash-on-hand balance to pay for the board's officers salaries and perks. They probably use that 150,000 to 200,000 per share (NOW 15-20 cents) to buy up EAGM float shares covertly at .001 or less (as can be believed by two recent buy-ups of shares). If they can buy up 90 to 95 % of all the stock, it would pay them to dissolve the company, but it just hasn't been going fast enough.
So they file for a name change and reverse split and that way the price can fall further from .25 to .0005 again. A reverse split 500:1 = $0.25/share. Nothing disheartens stockholders faster than a company that has stopped giving info to it's shareholders. It also causes the price of the stock to sink. This will give them another year to buy up stock after it falls again down below pennyland. Then they can decide whether to do another name change with another reverse split or dissolve. Obviously, they have too much cash and they are living well on an expense account and salary. What is unfortunate is that they control the company.
If they do this reverse split after a symbol change there will be a short period of 2-4 days when short sellers will be scrambling to cover. It should help the price but only in the extreme short run. Within a week after a reverse split, for sure this stock is heading south. Sad. Just my opinion. Sam.
AI
