Typical and legal exercise for micro caps to dilute, reverse, dilute and reverse. Rules allow one R/S per 12 months. More than likely see selling pressure for now and possibly another convertible note with same lenders or new one on the horizon. Wash, rinse, repeat.
Surprising the NOTE holders do not have a non R/S clause in their agreements until they liquidate.....600 million common shares recently converted from preferred shares to the (2) lenders per company PR. Not sure what amount lenders still have, but they are going to liquidate at some point to recoup money they lent the company.
Looking at ABQQ news Friday just the opposite. They paid note back with cash$ and retired 354 million common shares back to treasury that were about to be converted to the lenders to dump on the market...and no R/S announcement.
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