It actually makes a big difference in terms of pro
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Posted On: 01/14/2022 11:43:46 AM
It actually makes a big difference in terms of process.
If UNVC was 'officially' deemed a 'shell' then the Form 144 Doc filed to sell shares would not be able to be activated - he would have to file a Form 10 to effectively re-register with the SEC first. Form 10 automatically become effective after 60 days and cannot be filed confidentially, though initial drafts can be.
Having seen the dilution chart I would guess UNVC was never officially a shell - there was some insider selling late last year, and considerably more shares have been released / sold since the New Year.
He has not filed the required Form 4 Beneficial Ownership Statement (normally required within two business days of the ownership change / sale of shares), so he will have to file a Form 5 Annual Statement to notify shareholders - which must be filed within 45 days after the company's close of their fiscal year, so we should find out by the end of February.
If UNVC was 'officially' deemed a 'shell' then the Form 144 Doc filed to sell shares would not be able to be activated - he would have to file a Form 10 to effectively re-register with the SEC first. Form 10 automatically become effective after 60 days and cannot be filed confidentially, though initial drafts can be.
Having seen the dilution chart I would guess UNVC was never officially a shell - there was some insider selling late last year, and considerably more shares have been released / sold since the New Year.
He has not filed the required Form 4 Beneficial Ownership Statement (normally required within two business days of the ownership change / sale of shares), so he will have to file a Form 5 Annual Statement to notify shareholders - which must be filed within 45 days after the company's close of their fiscal year, so we should find out by the end of February.
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