I think you did not thoroughly read my post. If MXXH had the drilling operation completed by now per the last PR, there would be no requirement for a RS as the pps would be well beyond .10!!!
Having 50% interest in Sangers Heirs Site #1 would have accelerated the process. The pps would meet the .10 criteria after the drilling operation was completed. Some CEO's today do not think before they act!!!!
I have not seen a public document that mandates the penson rule go into effective immediately. Everyone is jumping to conclusions!!!
Yes, investors should send emails to MXXH stating how the RS is not in the best interests of stock holders. There are alternatives. Jumping into the frying pan and crying wolf is not the answer. The answer is to execute a well thought out plan that best suits all the investors. The RS will cause more problems for the stock pps.
Most of us are not cheering on the RS!!! We have witnessed large blocks (millions) traded for MXXH. Again, there are alternatives to compliance of the rule besides a RS. Please post the specific mandate and time limit for the effectivity date of the rule. Did your friend Alex ever give you a definitive date for the commencement of the drilling operation at Sanger Heirs Site #1?
Having read the Penson rule as posted, it seems you are correct, there seems to be no option except compliance. I apologize for jumping to conclusions. However, this compliance, though not instigated by MXXH, will nevertheless, cost me the fair profits I have, and would have accumulated. IMO, the doors are closing on small investors, and small companies, not a good or smart thing to do in our economic climate. IMO
I think in this case, you have it right. It makes absolutely no sense to retire shares and then do a RS unless you are forced to. Not only that, 1 for 250 is a huge RS that you rarely see. Frankly, I think it will hurt the price, but it looks like other penny and sub penny stocks will feel the same pain. These new rules should be the talk of IHUB. I am surprised we have not heard of this before now.
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