Why not! Everything is possible! Could also well imagine the La Jolla investor one shares tender offer for 0.01 per share for the shareholders to make the majority to increase minimal and thus to arrive at 0.01.
The company that owns 9.99% of MCET shares is La Jolla Cove Investors not La Jolla Pharmaceutical. 2 separate entities.I find it interesting though that La Jolla Cove Investors is based in San Diego and Gerry and Barbara live in San Diego. Gerry and Barbara are millionaires and so are the investors of La Jolla Cove. Anything's possible I guess. Their financing agreement limits La Jolla Cove to 9.99% ownership but I don't think that stops the individual investors from owning shares themselves.
They could have some insight into what's going on and we still don't know who's been gobbling up all the shares recently.
I also find it strange that La Jolla Cove is primarily into real estate investment. Why would they be MCET's primary source of financing?
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