yes but I imagine the fact that there was an actual secondary offering on this by Landenburg floating around out there for the past year more than a few on wall street might have heard about it. and certainly "big investors" would be allowed to invest in an IPO and Secondary offering!
I wonder why an 8k was never filed by the company about Nasdaq withdrawing their approval for listing after the company told them they were not moving forward with the offering? Certainly that is a significant company event worthy of an 8k.
(for those that can't seem to read more than a few sentences - read the second paragraph in the letter from Nasdaq above!)
If there was big interest - they would have moved forward with that offering. I think it is pretty obvious the heat was on with the Chinese r/m plays and what had happened to Meuse's other VIE Hebei steel company r/m shell play - that they knew they didn't stand a chance of raising any money.
The trading action on this stocks speaks VOLUMES - and explains the ZERO volume today.
outta posts!
edit - response to ontoprofit above:
No one is saying Chinese government would close that Steel Company. That would be stupid. Of course they want their steel manufacturing plants - but they don't want all that revenue ending up in the hands of an offshore company.
Review what happened to that other Meuse r/m IPO Chinese VIE company - That is the risk here - and a dang big one. Same set up, same underwriter, same shell provider, same steel province.
And barely month before the Government came forward to pull the plug - this company bowed out of that offering.
the Chinese government is scrutinizing these VIE's now - and you all better understand the risk.
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