Wednesday, November 09, 2011 11:05:54 AM
Since going public at the beginning of 2008 via a reverse merger, UFFC's share price has dived 95%, as the stock has been diluted and preferred shares issued in lieu of millions of dollars in debt. At last report, approximately 40 million shares of common stock were issued and outstanding, however conversion of the Series "A" preferred stock alone, doubles that number. In fact, we wouldn't be surprised if this Pump & Dump was designed to relieve debt holders of some of their stock in order to recover at least some loan principle. We'd expect that reported number of shares issued and outstanding to jump substantially with the filing of the company's next 10-Q.
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