The shares in the S1 have already been sold. The only thing the S1 does is register them and allow the shareholders to sell, it doesn't require them to sell. The company gains zero dollars from the filing of this S1. This filing also had the effect of creating transparency for the shareholders.
Excerpts: ***Use of Proceeds The company shall not receive any proceeds***
***The shares being offered hereby are being registered to permit public secondary trading, and the selling stockholders may offer all or part of the shares for resale from time to time. However, the selling stockholders are under no obligation to sell all or any portion of such shares nor are the selling stockholders obligated to sell any shares immediately upon effectiveness of this prospectus.***
***"Most of our deals at Redwood were delayed as a result of the market conditions, but the companies themselves continue to prosper, and we have one project up for exchange approval within the next several weeks.***
***we will withdraw the S-1 filing until the market improves, while continuing to fully report our financials in order to limit our expenses and focus resources and capital on the closing of our current deals.***
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The bottom line is we have a company that is fully reporting and has decided to stay on the pinks for now to save expenses. I'm fine with the pr. It shows communication to shareholders along with intention. Most importantly it shows another deal is close.
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