You have brought some great positivity to this board. With respect, it is still necessary to provide factual information. Paul Tidwell was the former owner of Innocap, a shipwreck salvage company. He allowed Unique Logistics to use Innocap as a public shell for a reverse merger. He retired a large number of shares and was given cash plus 50 million shares of the newly public UNQL once the merger closed. That made him the owner of more than 10% of the outstanding shares, and by definition, a company insider. From October 2020, if Paul Tidwell sells a single share of that 50 million, he is required to file SEC Form 4 within 2 days. And that form will be listed on EDGAR for the public to know a 10% owner moved stock. This is public company info 101. Therefore, it is 100% certain that Tidwell has not sold a single share. There are zero Form 4s on file for anyone.
As for the 4 convertible notes, those were all negotiated by Unique, not Innocap. The first 2 are clearly identified in the merger agreement, along with the stated reason that Unique was not in a position to get traditional financing. They were $1million each to Trillium and 3a Capital. Trillium later converted 35 million shares in April, and there are limits on further conversion and additional restrictions. Investors are encouraged to read the actual terms of the notes to understand the terms and restrictions.
In January, Unique negotiated 2 additional convertible notes again with Trillium and 3a Capital. All are encouraged to read those notes also to understand the terms and restrictions. Further, all 4 notes have been modified to extend the due dates per the recent 8k.
Unique has thin margins and is building credit. They negotiated a beneficial new credit facility and are taking steps in the right direction. There is an issue all should understand about the fully diluted market cap based on all the preferred shares issued, as well as, the potential convertible shares of the noteholders. Again, there are restrictions spelled out in public documents, and they explain the current valuation of the company and stock price. The fully diluted market cap is significantly higher than the market cap displayed on OTC Markets.
Is UNQL currently undervalued? Yes IMO. Is it being manipulated by market makers due to low public float? Yes IMO. Will the price be impacted by the upcoming annual report? Yes IMO. The annual report will also clearly state current restricted v unrestricted shares, and whether the public float has increased at all since the last 10Q. It will end a lot of the speculation.
As a long holder of a large position, I wish good luck to all.
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