Not sure why anyone thinks the split is cancelled
They are certainly putting shares into the market pre-split, so we will all own a lot of shares, unless they buy them back.
Also, the 30% deal on the 415 is NOT a rule, so dont consider it so, it is only a staff consideration. SEC has signed off on the current share offering, so it is wrong to construe the shares being sold as 'illegal'.
Misleading the sec may be considered actionable, but don't consider the 30% deal a part of the actual rules. The only folks with shares to sell right now are the lawyer and the owner, Kodiak could not really be in possession of any shares at this time.
Also, remember, they intend to raise $15 million with an offering, the registered shares at this time would only raise $3M at current price. So no one is raising big bucks until there is another registration, or the problems are fixed.
I personally dont think they ever intended to raise $15M, but maybe a third of that is needed by the franchise. Our only real leverage is that there is no way they can raise the capital they want with the shares that are registered at this time. Also, if the split takes place, ALL of the owners shares and the lawyers shares must split if they have been issued (and they must be issued if they are selling). The 3 million shares for the financing might NOT be split, because they are not issued..... So what would they be worth? LOL
Now then, with all this up in the air, no way are they wanting the split to take effect at this time. I seem to remember a line in one of the filings that the split was already in the process, maybe that is not truthful, but not sure how to find out. Also not sure how much more research time this is worth, but I am holding my shares for now...
All the above is just in my humble opinion.....
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