this was one of the original O/S posts last year.....
Posted by: investwise4858 Date: Monday, April 23, 2007 4:18:13 PM In reply to: None Post # of 915
Good news folks, on share structure here at SQNS..
Ok folks finally back from trip and have an update after a conversation with the transfer agent:
The transfer agent has changed and the new t/a is Western States Transfer & Registrar out of Salt Lake, City.
Yes, there was a reverse split back in 1998 (July)
Before and after the reverse split the Company attempted to make a number of deals using restricted shares.
NONE OF THE DEALS WORKED OUT, SO ALL OF THOSE SHARES ARE STILL RESTRICTED. HE TOLD ME THAT THOSE SHARES WOULD MOST LIKELY BE CANCELLED AS THEY WERE ISSUED GOING BACK 7-8 YEARS AGO.
So here is what it leaves us: Auth : 500m Outstanding: 462,183,971 Restricted : 449,406,940 Difference : 12,777,000 m/l
The transfer agent told me that this issue has a maximum of 2 mil float as the officers/directors had quite a chunk of the 12.7 million shares.
IF ONE STUDIES THE LAST 8K IT IS CLEAR THAT IT IS TRUE THAT ALL OF THE RESTRICTED SHARES WERE USED IN ATTEMPTS FOR ACQ AND SUCH THAT NEVER WORKED OUT BACK IN 1998 AND 1999.
Interestingly, the transfer agent told me that there has been alot of activity taking place since Mr. Anthony took over the issue, in the last few weeks.
This is great news folks, any volume hitting this one will send it flying for sure, Mr. Anthony is a guy that gets it done... just look at PZZL, market cap of 11 million of one of his recent r/ms.
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