The trading we see on EFFC isn't a Rule 504 REGDEX and no Rule 144 as well!
The 504 is out of the question, because in that case, even though the shares can be sold to the public without even posting the formfile, it would all be done in 1 single offering.... thus only 1 MM would be the one diluting! We've seen AUTO, NITE, SBSH and now CGFL as best ask for months now and all from time to time selling craploads of shares.... leads me to believe, that it's still the old holders selling from different certs.....
A 144 usually comes with a filing.... and I haven't seen one...
If the company is diluting, the only way is, looking @ the different MM's, by offering "small" chunks through different MM's... still possible, but would be very very sneaky and I don't see a CEO pulling this kind of trick AND meeting with shareholders...
When someone asks you, A penny for your thoughts, and you put your two cents in, what happens to the other penny?
George Carlin