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Posted On: 09/09/2020 5:51:33 PM
Post# of 36542
My understanding is the Form 10 became effective 60 days after it was filed. That made NGIO a separate company, and why they have to file 10Q/10K reports now. That is also why they have a separate management structure than GNBT, although Joe is CEO of both for now.
The follow up Form 10 questions were more a formality than a requirement. Joe is trying to do this by the book, giving the SEC everything they want to the level of detail they want it. The amended Form 10 did not change any status, other than to supply more info.
The S-1 for registering NGIO shares, so they can be sold to the public, is the next step in the process. But as I posted previously, IIRC, the going concern notice HAS to be removed from GNBT before they can file the S-1 for NGIO. That is why they need the funding from the GNBT S-1 (the $40-70 million). Once that is registered and GNBT can fund GNBT to whatever level the GC notation requires, THEN the NGIO S-1 can be filed. But that's just what I recall, NOT necessarily what is correct.
The follow up Form 10 questions were more a formality than a requirement. Joe is trying to do this by the book, giving the SEC everything they want to the level of detail they want it. The amended Form 10 did not change any status, other than to supply more info.
The S-1 for registering NGIO shares, so they can be sold to the public, is the next step in the process. But as I posted previously, IIRC, the going concern notice HAS to be removed from GNBT before they can file the S-1 for NGIO. That is why they need the funding from the GNBT S-1 (the $40-70 million). Once that is registered and GNBT can fund GNBT to whatever level the GC notation requires, THEN the NGIO S-1 can be filed. But that's just what I recall, NOT necessarily what is correct.
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