Replies to post #19488 on Affluence Corp (AFFU)

[infamous]

not that your wrong. but you literally have 7 English mistakes or more in your post. now THATS credible too. hahahahahahahahah

[work-n-hard]

I always laugh when even the companies tell shareholders that "they are waiting on FINRA approval".
All you have to do is read the FINRA website on this matter. They are NOT in the position to "approve" that action.
They are there to PROCESS it.
However, if while processing, to make sure all the company's duck are in order, they do find something suspicious, aka potentially illegal, they stop processing and send it over the the SEC for reply.
If they are talking about it at all, it will happen, just a matter of when. (Unless the SEC gets involved of course.)

[1jas]

Thank you for that TJG I hope that helps to put that issue at ease for a lot of us. I do know I have been a little too negative lately and decided I will no longer add to the negativity if I don't have anything good to say, I won't say anything. The company's Products will speak for Themselves. It's all good.

[pinkslipjunkie]

Thanks TJ...that phrase did confuse me and I have never seen it used before so I made the mistake of relying AI for an answer to base my post on....in which I can see why AI would stumble since the phrase has wording indicating something that is in process.

[pinkslipjunkie]

TJG explains why the phrase "Application for a reverse stock split pending" in the latest 10Q was poorly used and misguiding.

Ok, I have been doing my best to stay out of this debate on the idiot at Affluence who put this in the filing, since its the wrong language and has started this debate on the RS. "Application for a reverse stock split pending"

There is no such thing as an Application for a reverse stock split. Goyner, did this report and he simply used the wrong words, the form is know as a "Corporate Action Form" Its what OTC stocks use when they are going to do a RS. Its submitted electronically to FINRA. Companies to not APPLY for a reverse split. They designate that they intend to do a split. Reverse Splits are solely up to any public company to do. The Corporate Action Form is what FINRA for OTC stock, the SEC for Big Board Stocks, requires they fill out before they can enact the split.

In the case of FINRA the form asks if they have gotten shareholder approval, if applicable, has the TA been notified and have they submitted their information, what is the ratio of the split. There are other corporate boxes to check, but once they have checked them and sent the Corporate Action to FINRA electronically ten days in advance of when they plan on having the RS take effect. FINRA will look it over and if there are no issues with it they will then list on the FINRA Daily List that AFFU will have a RS go into effect on the date the company stated. This list is published daily and anyone can look at it. Once on the list the RS will go into effect the next trading day. So if its published on September 11 it will be effective on September 12.

What Affluence is doing is notifying everyone who read that report is that they intend to fill out that corporate action form at some point in time and send it in so FINRA will know they wish to do a RS. FINRA only approves the form for them to enact it, and the form must be filled out correctly. The word Pending in that sentence simply means that the date for when they will do an RS is pending. They have already stated that the ratio will be 1-10 minimum up to 1-100 maximum when they do decide to enact the RS.

Thats all there is to this... it can be next week or next year... but once they submit the Corporate Action form, the RS will be done 10 day after FINRA checks it . AFFU is not required to tell investors that they have sent that form in... if investors want to know if the RS is coming they will need to check the Daily List .... Daily. Its updated throughout each day, I check it hourly for different stocks I follow. If you check it and see the symbol AFFU and then next to it you see AFFUD, the D means the RS will be done on the next trading day.
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

This is how the whole process works, and to be fair to Goyner this is all new to him as well, he has never worked with an OTC stock and FINRA...so he simply called the Corporate Action process an Application and using the word Pending was his biggest mistake. Nothing is pending right now, its just that they, the board of directors have decided that at some point between now and April of 2027 they are going to most likely need to do a RS, to meet the requirements of the Reverse Merger between Affluence and MTi. There is NO RS coming here until at least the end of 2026 based on all of the stipulations in both being eligible for a move to the NASDAQ and what is required by AFFU to get accomplished before that April 2027 date. Affluence set off a fire storm here with that 7 word sentence and had they simply done a better job of clarifying the RS and when it may or may not happen this could have all been avoided.

Here is the exact lay out for how the Corporate Action works... and understand that no company has to ask for approval for a RS... they just have to submit the forms that they are DOING an RS and they need to be filled out correctly before either FINRA or the SEC approves the date they intend to have it go into effect Now I am back to being off this board for a while, its nerve wracking LOL

FINRA Corporate Action:

A corporate action form for the OTC is an electronic gateway submission by a company to FINRA to notify them of a company-related action, such as a dividend, name change, or reverse merger, that affects its securities traded on the OTC markets. This form, part of the FINRA Corporate Action Management Platform, initiates the process for communicating the action to market participants, allowing for electronic submission, status monitoring, and direct communication with FINRA.
What is a corporate action?
A corporate action is any event initiated by a company that results in a change to its securities, affecting investors and requiring specific notification to regulatory bodies like FINRA. Examples include:

Dividends: Cash or stock payments distributed to shareholders.
Stock Splits/Reverse Splits: Adjustments to the number of outstanding shares and their corresponding price.
Mergers and Acquisitions: When two companies combine or one acquires another.
Name Changes: When a company legally changes its corporate name.

The role of the corporate action form for the OTC:
The FINRA Corporate Action Management System (CAM) is a digital platform that allows OTC companies to file forms, including a Company Related Action Notification form. This form is essential because:
It initiates the disclosure process:
The form begins the formal notification process with FINRA for any corporate action.
It streamlines communication:
It provides a centralized platform for companies to submit necessary documentation, receive updates, and respond to FINRA's requests.
It enhances market transparency:

By enabling timely and standardized reporting of corporate actions, it helps market participants stay informed and maintain compliance.
How to use the form:

Create an account:
Companies need to register for a user ID on the FINRA gateway to access the CAM system.
Submit the form:
Once logged in, the company can use the electronic form to submit details about the corporate action.
Provide required documents:
Depending on the action, the company may need to attach supporting documents such as a board of directors' resolution or articles of amendment.
Monitor and respond:
The platform allows for monitoring the status of the submission and enables direct communication with FINRA for any required follow-ups or information requests.

[pourich]

Thanks for this informative post about the Application for a reverse stock split pending however the sentence that states "They have already stated that the ratio will be 1-10 minimum up to 1-100 maximum when they do decide to enact the RS". Can you post the link where you read that?