That’s hilarious, but I’m grateful for him bringing the subject up!
So here’s what we know about the CEO and his team. They’ve just bought a controlling interest in the company by buying 55% of the outstanding shares - for $300k!
That’s still a heck of a lot cheaper than paying millions to list even on a brand new OTC listing and still a heck of a lot cheaper than paying millions to list directly on Nasdaq or the NYSE. However, it’s still a pretty big chunk of change! Most importantly of all - it’s a heck of a lot quicker than going for a new listing either on the Nasdaq or the NYSE which is I presume, why they bought the shell. A new listing from scratch can easily take a year or more then there’s the underwriting fees which are huge.
I personally cannot believe for one second that the CEO, his team and his accountant(s) haven’t been all over this company’s books for a very long time before going ahead with the deal.
This is a hedge fund with VERIFIABLE assets. This hedge fund will have audited accounts so a CPA isn’t going to certify those accounts that show that they have at least $1.15bn in assets unless 1) he’s verified them for himself and 2) unless he’s following some accounting standard like GARP I think you guys have over there.
The CEO himself has an MBA from Harvard I believe? So he’s more than capable of engaging with his accountant to arrive at his own accurate valuation of his own company!
Next the CEO is a true professional business man. When he organised the sale of the ten Marijuana companies in Washington he worked out his own method of valuation for a marijuana company by using valuation terms used in comparable industries.
So all in all could this be a scam I say definitely not!
Thee most valuable shells are those that even though they have no business going on still maintain their fully reporting status precisely because the shell itself becomes extremely valuable to a company seeking a quick route to listing on major exchange, but to do it as cheaply as possible.
Seems simple to the rest of us! (This is probably my last post of the day as I think it’s number 15.)
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