Coastal Capital Acquisition Corp (CCAJ)

[gz69]

I am surprised that SEC and FINRA will allow a company to withdraw all assets and leave it as a shell company after selling shares to the public.

USA is surely not the land of Outlaws. How can a listed firm remove all assets without distributing them to bona-fide shareholders?

If they can do that, then Citicorp and other big board stocks can also do the same?

This amounts to fraud and it is Tony who may face a Class Action lawsuit to seize his factory and personal assets. Whatever dispute Tony has with previous major shareholders of CCAJ is for him to use the process of law to seek redress, not to leave shareholders holding an empty bag.

We as shareholders were not a party to the original merger and entry of Tony and his business. We bought the shares based on promotions and previous company announcements on revenue, projects, etc. We bought on the belief that this is a bona fide business, not a shell company.