There was no hostile takeover, but Barry MacCheyne of G3 Direct, one of the dealers, decided to invest $900K into a company that had, at the time, a $800K market cap valuation.
The $400K in a promissory note convertible at $0.006 translates to 66 million shares, and the other $50K-per month $500K investment, at a fixed $0.02 rate, is another 25 million shares.
PVSP management took step to make sure MacCheyne would have no say in Pervasip decisions, depriving all other shareholders of their voting rights in the same move. Riss and his sidekick have given themselves an automatic 51% voting majority, and, every time the company issues 2 million more dilutive shares, they receive another freebie Series C privileged share, worth 2,000,000 common shares.
You are perfectly right, Shonky, a company doesn't thrive by hype alone.
The MacCheyne investment, +Riss own new investment, is the main reason why the shares are now trading around 2¢ a share, instead of $0.002. It give confidence to investors that the company is not at the brink of bankruptcy, and that other savvy investors are investing in that beleaguered stock.
Unlike NetCapital, which is NOT investing.
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