I disagree. Joe has waivers from all the restricted shares to waive the dividend from August. I don’t believe August was used in their waiver agreements. When Discover agreed to the note in 12/2019, we were still using a record date of August. So Discover knew they were not getting any dividends. Now when FINRA responded to the S1 to say it is too complicated to keep the record date in August to track due bills, Joe changed the record date. Now Discover wants the dividend and Joe said no because he has their waiver. Therefore they are using not filing the S1 within a month as their reason to default. However Joe says he is not responsible for Finra’s delays, which are beyond his control. I agree with that. So Joe will fight them and I agree with that too. Plus Joe has stated he wants 69-70M shares out when this is done and so that is why it was changed to 5:2 for GNBT and NGIO.
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.