Got reply from Novacab(Donna Giroux)as below:
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There was a reverse on the stock reducing the issued shares to 2.8 million. Within the merger process, Novacab shareholders were issued 300,000,000 shares as well as an additional 100,000,000 following a conversio0n of preferred shares. This gives the total of approximately 400 million.
•FINRA gave the approval to make the reverse on the stock, name change, new CUSIP and new trading symbol. It follows that DTC puts a deposit chill on the stock which will be removed following a legal opinion and a filing of additional information. This has been initiated before the holidays and, with all the delays during this period, we expect results in the next few days.
•FINRA must get involved in the process in order to have the above corporate actions authorized. We initiated the filings with FINRA.
• Following the authorization which we received on November 12, 2013, it is standard procedure that the stock is submitted to DTC verification. We have no choice.
•The process of reversing the stock does not affect the authorized capital. There were over 2 billion shares out in the public and Novacab had to reverse the stock to attain a normal stock price. Furthermore, many brokerage firms do not accept stock that is trading under 5 cents.
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Anyone can email : donna.giroux123@gmail.com to get reply from her .
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