What brings me to whole different question. Why does a company with 23 million shares out want to do a RS 10-1??
The reverse split was originally being done to accomodate the assets acquisition of another company (IceLounge Media), an accompanying three rounds of financings, and presumably future acquisitions or corporate needs.
This post I made back in January provided some general idea of what the company would have looked like from a structural standpoint. If my math was correct, they were planning on financing of about $1.3M to $3.6M, and two of the rounds of financing were going to be at premiums to what was then the current share price......
That acquisition was never completed, but the company decided to continue with the name change and reverse split. My hunch is that TGFN doesn't intend to just grow organically but still plans to make some strategic acquisitions at some point.
It should be noted that about one week after the acquisition agreement was terminated somebody made a $25K direct investment in TGFN at 2 cents. There wasn't any information in the last 10Q to identify if that investment came from an insider or a third party, but clearly somebody thought TGFN looked attractive at 2 cents.
When the reverse split and name change are finally completed, I will own (on a fully-diluted basis) a 3.5M share stock being managed by people who don't have a history of making wild, indiscriminate share issuances. And the bulk of those shares will be held by Sam/Marni Gaer. And there are a number of groups/players on IHUB and elsewhere who like to lick their chops when they spot a low-float stock that can be pushed higher with relative ease.
I happen to think this will make for a pretty interesting situation, but I guess I am in the minority.
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