I don't seem to be the one frustrated here. I find the nature of this ticker to be amusing entertainment but if I were a long time bag holder it would be different. Shawn Leon has some cash to play with now so it is business as usual while shareholders continue to twist in the wind and a few one-tick-flip for a few bucks. Shawn Leon has defined the trading here for what could be a long time because this management does not act when they have some borrowed cash.
Shawn Leon states that no stock consolidation in the near term. This means that the share structure will not be fixed, ensures that the stock will remain dead to the company, ensures that the regulation "A" offering for badly needed funds is not viable. A dead stock also means they are unable to attract new funding in a traditional an affordable way. I have to wonder if they aren't about to seek bankruptcy protection. I still have my doubts about this property purchase, resell, and leaseback scheme because Shawn Leon has announced many deals with closing dates that went nowhere. That deal was to be consummated on or before today!
The agreement became legally binding on July 13, 2023, and it is expected to conclude on or before August 3, 2023.
The Company will emerge from this transaction with a greatly streamlined cap table, an improved balance sheet, and a new focus on an “asset light” business model.
With these changes in hand, the Company is poised to raise new equity through its Reg A+ offering and to continue on with expansion and growth. There are no plans to consolidate the stock and there will be no remaining outstanding debt that contains any variable rate conversion feature.
Until such time as the Company has the resources and cash on hand to consummate such an acquisition, it will defer entering into any further LOI
Mr. Leon further added, “I have been questioned often about what our plans are to consolidate the stock and I can report that there are no near term plans to do so...
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