Left some stuff out.
Tried for 3 years to get funding for their phase 2 trial, but go no interest whatsoever. So they upped their A/S to 2B shares and promptly converted a little debt to dump 1.6B shares into the O/S. They asked FINRA for a RS, but were denied, so THEN they filed for bankruptcy.
Auctus stood to lose the $3M they’d loaned them, so they came up with a “plan” to prop them up for a year. This plan gives the secured lenders 100 shares for every dollar of unsecured debt, up to 1.48B new shares that will require either an increase to the A/S or a RS.
Once the “plan” is done, they still won’t have funding for the trial.
Oh, and this was never a NASDAQ stock. Ever. It’s been stinky pink forever.