GCHT - shares - @Gorilla
Here is the story of the 7.7 million share puzzle.
The prior shell company in this reverse merger was Vista Dorada Corp which changed its name first (filing 7/24/2009) to Nordic Turbines, Inc. and then (filing 9/14/2009) to GC China Turbine Corp.
The 10-Q filed by Vista Dorada on 5/12/2009 shows 98,970,000 shares issued and outstanding as of March 31, 2009.
The 10-Q filed by Nordic Turbines, Inc. on 8/14/2009 shows half as many shares issued and outstanding as of June 30th, 2009 = 49,485,000 shares due to a 1 for 2 reverse split on May 18, 2009.
40,500,000 shares of common stock were surrendered by former Company officers and directors for cancellation on September 11, 2009 and 1,298,793 additional shares of common stock were surrendered for cancellation on October 1, 2009 which leaves GC China Turbine Corp. with the 7,686,207 shares of common stock issued and outstanding immediately prior to the exchange transaction.
After that, new shares were issued for the purchase of the assets of GC Nordic Group and for the $19 million in cash advanced to GCHT by several parties. But regarding this balance of about 7.7 million remaining shares prior to the exchange transaction: I have no idea who owns them and what benefit they brought to the new business venture GC China Turbine Corp. It would have been entirely logical if these shares had also been canceled prior to the exchange transaction, but they were not.
Who are the free loaders riding along with a nearly 13% ownership position in GCHT?
