Not correct...George tried to correct himself on Twitter and trotted out that little baby “it’s not the RS it’s the CUSIP change”.
A CUSIP change DOES NOT force a short covering. I have never heard anyone explain how exactly that works. Lol.
If someone has account balance of 1,000,000 Tsnp shares short, that simply changes to 250,000. Whoever the shares were borrowed from simply gets the new shares back when covered.
And the fact that George is trotting out every BS explanation he can for the RS (Volatility, flippers, dormant holders....all BULLSHIT) is to cover the real reason they did this.
To give the HUMBL folks control of 85% of the company equity...with the existing commons having the remainder...although it will feel like the common stock right now is the entire ownership interest in TSNPD.
It won’t be.
And this begs the question...if the Humbl merger has already closed...why are they only now creating the prefs to give to Humbl as consideration??? Shouldn’t that have happened at the closing last year?
Hmmmmmm.
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