FWIW, I just sent the following to Joe, Anthony Crisci, Andrew Ro, and Robert Heim (attorney) in an email:
__________________
Gentlemen,
It has been over 6 weeks since I forwarded my letter to the SEC to you. Since then, there has been no update on anything related to GNBT/NGIO.
While we shareholders have been told by our management team that the SEC is the root cause of our seemingly eternal silence, it becomes harder and harder to tolerate due to the total lack of evidence. We want to believe that this is the reason we have been left out in the cold for nearly 6 months; however, all we have to go on is various unofficial comments from our CEO and our PR rep.
So I ask you this question: If the SEC has mandated this extended silence, why is there no "CORRESP" filing on either the GNBT or the NGIO EDGAR pages? Surely, if the SEC put a muzzle on our companies, they did not deliver their insistence on this matter by smoke signal.
If the SEC is causing all information to be withheld from shareholders, we deserve to know that is the case. But since the SEC will neither confirm nor deny open inquiries of companies to shareholders, we shareholders are unable to apply any real pressure to the SEC. Therefore, I request that Generex and NuGenerex management teams immediately DEMAND that the SEC post some sort of correspondence showing that they have recommended/mandated a complete lack of communication between these companies and their shareholders.
The silence has led to a complete loss of credibility for the management teams of GNBT/NGIO. You are a laughing stock. And people such as myself, who still want to believe that management is hard at work behind the scenes, can do nothing to combat that.
This can be seen by the withering share price, which leads to ever-increasing rates of dilution to raise the meager amount of money being used to "keep the lights on". As Monday's trading action showed, it only takes the capitulation of one moderate-sized shareholder to drag the share price down rapidly. If several shareholders decide to hit the exit at the same time, it could lead to a price drop that leaves management in a position where it is unable to raise capital thru Oasis puts and begin a death spiral.
Joe, you have always said you stand for your shareholders. We need you to do so now with the SEC. The silence is intolerable, and our investments are suffering more and more every day. If the SEC is truly behind the silence, please rebuild some credibility by ensuring that they notify us of their intentions, requirements, and timing by disclosing correspondence between their office and our companies. We desperately need them to do their job of protecting and informing shareholders instead of driving our investments into the ground.
I look forward to seeing a CORRESP show up on the EDGAR pages very soon. We deserve to be informed as to the status of our investments. Thanks in advance for pursuing this avenue on our behalf.
Sincerely,
Xxxx Xxxx
Currently holding XXXk+ GNBT shares and nearly XXk NGIO shares
__________________
Gentlemen,
It has been over 6 weeks since I forwarded my letter to the SEC to you. Since then, there has been no update on anything related to GNBT/NGIO.
While we shareholders have been told by our management team that the SEC is the root cause of our seemingly eternal silence, it becomes harder and harder to tolerate due to the total lack of evidence. We want to believe that this is the reason we have been left out in the cold for nearly 6 months; however, all we have to go on is various unofficial comments from our CEO and our PR rep.
So I ask you this question: If the SEC has mandated this extended silence, why is there no "CORRESP" filing on either the GNBT or the NGIO EDGAR pages? Surely, if the SEC put a muzzle on our companies, they did not deliver their insistence on this matter by smoke signal.
If the SEC is causing all information to be withheld from shareholders, we deserve to know that is the case. But since the SEC will neither confirm nor deny open inquiries of companies to shareholders, we shareholders are unable to apply any real pressure to the SEC. Therefore, I request that Generex and NuGenerex management teams immediately DEMAND that the SEC post some sort of correspondence showing that they have recommended/mandated a complete lack of communication between these companies and their shareholders.
The silence has led to a complete loss of credibility for the management teams of GNBT/NGIO. You are a laughing stock. And people such as myself, who still want to believe that management is hard at work behind the scenes, can do nothing to combat that.
This can be seen by the withering share price, which leads to ever-increasing rates of dilution to raise the meager amount of money being used to "keep the lights on". As Monday's trading action showed, it only takes the capitulation of one moderate-sized shareholder to drag the share price down rapidly. If several shareholders decide to hit the exit at the same time, it could lead to a price drop that leaves management in a position where it is unable to raise capital thru Oasis puts and begin a death spiral.
Joe, you have always said you stand for your shareholders. We need you to do so now with the SEC. The silence is intolerable, and our investments are suffering more and more every day. If the SEC is truly behind the silence, please rebuild some credibility by ensuring that they notify us of their intentions, requirements, and timing by disclosing correspondence between their office and our companies. We desperately need them to do their job of protecting and informing shareholders instead of driving our investments into the ground.
I look forward to seeing a CORRESP show up on the EDGAR pages very soon. We deserve to be informed as to the status of our investments. Thanks in advance for pursuing this avenue on our behalf.
Sincerely,
Xxxx Xxxx
Currently holding XXXk+ GNBT shares and nearly XXk NGIO shares
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