$SNMN In August, the company announced their inten
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Posted On: 08/24/2016 9:53:36 AM
$SNMN In August, the company announced their intent to cancel/eliminate a significant portion of the company’s O/S count “SNM Global Holdings has filed in Florida court to eliminate shares of following shareholders; FORTIS HOLDINGS LTD, WAKABAYASHI FUND LLC, and JOE OVERCASH” (excerpt from their August press release). This is among the most intriguing of all catalysts for the company, and here is why:
-Fortis Holdings LTD, Wakabayashi Fund LLc, and Joe Overcash are no longer affiliated with the company. Their shares are void. They essentially do not exist, though they are still registered and make the share structure less attractive to investors.
-Once their respective shares are cancelled, the new O/S count and float will be less than 900,000,000 (roughly 870,000,000). The following picture is from the court documents:
-The Authorized share count *WILL remain 4,000,000,000 (4 Billion), however, there is currently no dilution taking place into the common stock. The earliest there could possibly be dilution would be some time in October, when S1 investors (important to note these are NON-toxic financers) will have the ability to convert shares. The CEO has made it an emphasis that there are special clauses intact to help protect retail investors against the dilution down the road. The conversions (per respective party) will be maxed at 5% of the previous day dollar volume. This is a special clause set to help protect retail investors and allow the conversion rate to be a much more controlled pace.
-The court papers were handed over on or around August 10th, 2016. The period to hear back from the party’s which were subpoenaed is 20 days. So assuming the papers were not actually filed until August 11th through the 15th (probably the latest it would’ve taken to file from the time that the company sent out the press release), we should expect to hear back from the company between August 30th and September 5th. The kicker to all of this is when Fortis Holdings LTD, Wakabayashi Fund LLc, and Joe Overcash do not respond, the plaintiff (SNM Global Holdings) will be in favor of the ruling, which will result in the cancellation of these shares.
Here is a link to the court case search.
https://www.browardclerk.org/Web2/CaseSearch/Index
Under “Case Number” tab, type in key phrase “CACE-16-014608” to view all court documents (If you have trouble navigating, or if the link times out, view the company website and read August 11th PR for details, see link for company website here http://www.snmholdings.com/news.html )
Links to documents https://www.browardclerk.org/Web2/CaseSearch/...ategory=CV
-To sum it up and look forward, the CEO has communicated and reiterated that they do not plan on R/S any time soon, has emphasized there is no dilution in the immediate future, and has emphasized that the company is targeting additional key acquisitions. SNM Global Holdings’ CEO has (in just eight short months) successfully reinstated the company, brought the company current, began negotiations with Red Canvas Productions LLC, closed a stake into Red Canvas Productions LLC, launched a successful launch of their premiere movie “Money Fight”, and filed paperwork to cancel a significant portion of the current O/S share count. The CEO has been on the record saying they plan on making their next press release reach OTC markets website, yahoo, as well as some of the larger news outlets for OTC exchange stocks.
-Fortis Holdings LTD, Wakabayashi Fund LLc, and Joe Overcash are no longer affiliated with the company. Their shares are void. They essentially do not exist, though they are still registered and make the share structure less attractive to investors.
-Once their respective shares are cancelled, the new O/S count and float will be less than 900,000,000 (roughly 870,000,000). The following picture is from the court documents:
-The Authorized share count *WILL remain 4,000,000,000 (4 Billion), however, there is currently no dilution taking place into the common stock. The earliest there could possibly be dilution would be some time in October, when S1 investors (important to note these are NON-toxic financers) will have the ability to convert shares. The CEO has made it an emphasis that there are special clauses intact to help protect retail investors against the dilution down the road. The conversions (per respective party) will be maxed at 5% of the previous day dollar volume. This is a special clause set to help protect retail investors and allow the conversion rate to be a much more controlled pace.
-The court papers were handed over on or around August 10th, 2016. The period to hear back from the party’s which were subpoenaed is 20 days. So assuming the papers were not actually filed until August 11th through the 15th (probably the latest it would’ve taken to file from the time that the company sent out the press release), we should expect to hear back from the company between August 30th and September 5th. The kicker to all of this is when Fortis Holdings LTD, Wakabayashi Fund LLc, and Joe Overcash do not respond, the plaintiff (SNM Global Holdings) will be in favor of the ruling, which will result in the cancellation of these shares.
Here is a link to the court case search.
https://www.browardclerk.org/Web2/CaseSearch/Index
Under “Case Number” tab, type in key phrase “CACE-16-014608” to view all court documents (If you have trouble navigating, or if the link times out, view the company website and read August 11th PR for details, see link for company website here http://www.snmholdings.com/news.html )
Links to documents https://www.browardclerk.org/Web2/CaseSearch/...ategory=CV
-To sum it up and look forward, the CEO has communicated and reiterated that they do not plan on R/S any time soon, has emphasized there is no dilution in the immediate future, and has emphasized that the company is targeting additional key acquisitions. SNM Global Holdings’ CEO has (in just eight short months) successfully reinstated the company, brought the company current, began negotiations with Red Canvas Productions LLC, closed a stake into Red Canvas Productions LLC, launched a successful launch of their premiere movie “Money Fight”, and filed paperwork to cancel a significant portion of the current O/S share count. The CEO has been on the record saying they plan on making their next press release reach OTC markets website, yahoo, as well as some of the larger news outlets for OTC exchange stocks.
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