OWCP was named by the SEC in an SEC Complaint as being part of a sham IPO shell factory operation run by Asher Zwebner (see page 11 of the following link).
No I don't expect that the SEC will do anything to OWCP because of the sham registration statement used to take the shell public. The target of the Complaint was Asher Zwebner, one of his other shells (Crown Dynamics Corp), and the people involved in the purchase of the CDYY shell. Though I have no doubt that OWCP had a similar set-up and change of control as CDYY (which now trades as AIRW), I don't expect at this point that we will see separate litigation for OWCP as a sham IPO.
It is interesting though how many of these Asher Zwebner sham IPOs have been getting paid promotion activity since the SEC Complaint against Zwebner came out. OWCP had some paid promotions back in early October and has remained a heavily pumped ticker since. And HZNM recently got some paid promotions.
OWCP - Just an fyi, I was asked about OWCP at $.0038/share back on September 27th and I liked the potential there for OWCP to bounce from that range after reviewing the price history and the debt situation plus knowing that OWCP was involved in an industry (cannabis) that was heating up at that time. I honestly didn't expect it to bounce as high as it did (eventually hitting $.95/share), but I know a lot of people made a ton of money on OWCP.
Later when the 10Q filing for the period ending September 30, 2016 hit, I took a closer look at OWCP to find out what was really going on with the ticker back in late September and early October and found out that in late September of 2016, OWCP converted a $78,500 Note it issued in February 2016 and a $37,500 Note it issued in December 2015 plus $3,140 in interest on those two Notes ($119,140 total) into 53,844,599 shares ($.0022/share).
My guess is that it was decided that all of the debt would be converted at one time to take advantage of the all time low prices that OWCP was seeing towards the end of September.
39,955,710 of those shares were issued right away and the other 13,888,889 shares were held as stock payable to be issued later to help the Note holders avoid owning more than 10% at one time.
Those 53,844,599 free trading shares of stock issued in late September for $119,140 worth of 3rd party Notes plus interest at $.0022/share is the reason why OWCP got a paid promotion in early October.
If I had to guess, I'd guess that it was Kodiak Capital that paid for the OWCP promotion. Kodiak Capital has been known to pay for promotions in the past. It was Kodiak that converted debt in DNRG just ahead of that crazy run from $.005/share on June 23, 2015 to $.34/share on June 26, 2015 on over 130 million shares traded with the help of some paid promotions.
Since Curt Kramer had the most share to sell I'm sure he wasn't complaining about the OWCP share price taking off. Even at an average selling price of $.022/share, Kramer could have easily made $750,000 off of his OWCP holdings.
With those Notes paid off in stock, that left OWCP with a pretty clean balance sheet and no new dilution in the very near future. Since OWCP got so much volume during late September and early October, my guess is that all 53,844,599 shares were sold into the market by the middle of October. The continued strong volume combined with no new dilution allowed for OWCP to eventually breakout to $.95/share in November and to maintain a pretty high share price since then.
OWCP is still a research and development stage biotech with no revenues though. If they are going to continue to do research and development on whatever potential future drug related products they are working on they will need more cash in the future. The only way for them to get cash is by selling stock. That means at some point the float will start to grow again. The good news is that OWCP has developed such a cult following among investors that it now has a share price that will make raising capital much easier (less stock to raise more money).
Just watch out in the future if OWCP ends up going the toxic funder route again (using people like Curt Kramer and Ryan Hodson).
It looks like, by the following 8k, that the OWCP CEO learned by his mistake of dealing with toxic funders like Kramer and Hodson.
I see that OWCP made a good choice by terminating the remaining financing offered by Kodiak instead opting for $300,000 in financing from Michepro Holding Ltd at $.13/share
It looks OWCP has been using preferred shares and warrants a lot lately mostly priced in the $.08/share - $.40/share range. Usually that is a pretty good measure as to where the share price will eventually settle in the future.
I guess time will tell if OWCP ever manages to develop any drug products to the stage where they can be marketed and sold.
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