Big Brother
5 년 전
I thought it looked cheap too.....unfortunately I bought this ticker without really conducting very much DD, or knowing all the details first, and has been one of my biggest losers in years.
Honestly, this probably belongs on the Grey Market, but because they file financials with the Federal Reserve, or whatever banking regulators they report too, got automatically uplisted to Pink Sheets.
With that said though, management has very little interest in being a public company from what I can tell. I assume it must have been some stipulation in the recapitalization, or something the investors required, no idea why though.
There are 232M shares outstanding, the recapitalization was done at .10, many, if not most, shares are unrestricted now.
Non-DTC eligible, and it's unlikely they will be as they don't want to spend the $$$ to become eligible. I would NEVER buy a non-DTC eligible security again, and usually TDA does not allow you too make that mistake but there was a short loophole at the beginning of trading, right after it went Pink and they allowed some trades.
May never see any SEC filings/reporting, especially if they don't want to spend a few thousand dollars for DTC.
If they cared at all about being a public company, .10, even .20, .25 would be VERY cheap for this, but they don't, maybe in the distant future, but anyone who buys this must be in it for the loooonng haul. Maybe hope for a buyout, or acquisition by a larger bank, thats a possibility as well IMO.
rich pearl
6 년 전
just got off phone with AmeriTrade. they won't take buy orders for MCHN because it only trades via physical certificates. i can't say anything regarding other trading platforms, but, though they give no notice -- or warning, so to say -- if you already have shares of this at AT, they will create the certificate and then bill you for it when you sell them.
i've already been down this road. i had an ancient holding of BCN_D, just 4k, and they charged my account $285 for the certificate.
best of trading to ALL
rich
Big Brother
6 년 전
Whoever sold all those shares, I certainly hope they weren't an affiliate(typically 10% or greater shareholder) otherwise they would have been in violation of Rule 144, as more than 1% of the o/s traded....or very close to it, depending on the exact o/s.
I believe 2,329,000 would be the max an affiliate could sell in a three-month period.
Trading Volume Formula. If you are an affiliate, the number of equity securities you may sell during any three-month period cannot exceed the greater of 1% of the outstanding shares of the same class being sold, or if the class is listed on a stock exchange, the greater of 1% or the average reported weekly trading volume during the four weeks preceding the filing of a notice of sale on Form 144. Over-the-counter stocks, including those quoted on the OTC Bulletin Board and the Pink Sheets, can only be sold using the 1% measurement.
https://www.sec.gov/reportspubs/investor-publications/investorpubsrule144htm.html
Big Brother
6 년 전
While it's disappointing to see the pps continually fall to these ridiculously low prices, that was one of the biggest single trades I've seen on the Pinks in at least a couple years. Perhaps the buyer got a discount, due to added transaction costs, as this is non-DTC eligible/physical certs only..??
I've seen some big($300K+) trades like that, on large, new issue Grey sheets companies, and the pps started increasing on those shortly after those trades.....so maybe things will start turning around now.
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