Mini Mart just issued over 1.1 BILLION shares of free-trading FOGC stock. These shares would have been issued at a significant discount to the current PPS of .0001. These shares were issued weeks ago. I wonder who they were issued to and why?
Mini Mart said that shares would be issued if a merger took place but why issue free-trading shares? If the shares were indeed issued to a new merger partner, why not issue restricted (for one year) shares? Can't a partner wait for a year to sell their shares? You can also file a registration statement with the SEC, to make restricted shares free-trading. In essence, such a statement documents the reasons for issuing the shares. It's all these un-registered, free-trading shares, trading in FOGC's market, that caused DTC to suspend FOGC. DTC is smart enough to know that the vast majority of FOGC's trading volume comes from insiders; and that's what caused them to step-in and take action.
Mini Mart says they're trying to resolve the "chill" issue with DTC but they keep on doing the things that caused the problem in the first place.
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