Ecomike,
Congrats on your prior biotech win but, at this point, I am inclined to believe the posted shareholder letter.
The letter said the custodian was to approve a 1 for 1000 reverse split and, despite numerous protestations to the contrary on this board, that's exactly what happened.
The next line in the letter is to approve the creation of a class of Series A convertible preferred shares, each share to convert 1 preferred to 1000 common shares. Depending upon how many shares he decided to issue, those alone could cause significant dilution to common shareholders.
What do you think is going to be the par value of those convertible preferreds?
Remember, the float is around 290,000 now but the authorized shares remain at 1.125 billion.
This leaves massive room for dilution with little protection or control for the common shareholder.
Caveat emptor.
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