Uh Oh! Tom the $5M CEO just pulled a fast one o
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(Total Views: 315)
Posted On: 07/06/2022 7:53:26 PM
Uh Oh!
Tom the $5M CEO just pulled a fast one on IBIO investors...
Investors should always read the 'fine print' as...
That's how they getcha!
From the 10Q on 05/12/22
24. Subsequent Events
On May 9, 2022, the Company designated a new class of convertible stock and sold 1,000 shares of the new class of convertible preferred stock. Each share of the convertible preferred stock will convert into one share of common
stock and will be non-voting other than with respect to Proposal 1 – approval of an amendment to our Certificate of Incorporation, as amended, to effect a reverse stock split of the Company’s issued and outstanding shares of Common Stock, at a ratio of one (1) share of Common Stock for every twenty-five (25) shares of Common Stock, for which each share of convertible preferred stock will be entitled to 5,000,000 votes per share in the same proportion as the aggregate shares of Common Stock vote. The holders of the convertible preferred stock have no discretion as to how to vote the shares. Any vote of the convertible preferred stock as structured will reflect the same proportion of the vote of the common shareholders so that the intent of the shareholders who vote can be realized.
Imagine that...
5,000,000 votes per share!!!
That give them 5,000,000,000
Yup, you heard right...
F-I-V-E B-I-L-L-I-O-N V-O-T-E-S!!!
Shares of Common Stock outstanding as of May 9, 2022: 218,165,624
The 218M votes didn't have a chance. Zero say what so ever in the vote for the HUGE reverse split
From today's filing...
"As previously described in the Proxy Statement, each share of preferred stock, $0.001 par value per share (the “Preferred Stock”) entitled the holder to 5,000,000 votes on Proposal 1 "
Votes For: 3,095,125,956
Votes Against: 2,017,764,557
Abstentions: 875,301
https://ir.ibioinc.com/sec-filings/content/00...000044.pdf
I would never trust a company that pulled this trick just because the first vote for the HUGE reverse split failed.
Wait until shorts figure it out, but at least you know it first
Tom the $5M CEO just pulled a fast one on IBIO investors...
Investors should always read the 'fine print' as...
That's how they getcha!
From the 10Q on 05/12/22
24. Subsequent Events
On May 9, 2022, the Company designated a new class of convertible stock and sold 1,000 shares of the new class of convertible preferred stock. Each share of the convertible preferred stock will convert into one share of common
stock and will be non-voting other than with respect to Proposal 1 – approval of an amendment to our Certificate of Incorporation, as amended, to effect a reverse stock split of the Company’s issued and outstanding shares of Common Stock, at a ratio of one (1) share of Common Stock for every twenty-five (25) shares of Common Stock, for which each share of convertible preferred stock will be entitled to 5,000,000 votes per share in the same proportion as the aggregate shares of Common Stock vote. The holders of the convertible preferred stock have no discretion as to how to vote the shares. Any vote of the convertible preferred stock as structured will reflect the same proportion of the vote of the common shareholders so that the intent of the shareholders who vote can be realized.
Imagine that...
5,000,000 votes per share!!!
That give them 5,000,000,000
Yup, you heard right...
F-I-V-E B-I-L-L-I-O-N V-O-T-E-S!!!
Shares of Common Stock outstanding as of May 9, 2022: 218,165,624
The 218M votes didn't have a chance. Zero say what so ever in the vote for the HUGE reverse split
From today's filing...
"As previously described in the Proxy Statement, each share of preferred stock, $0.001 par value per share (the “Preferred Stock”) entitled the holder to 5,000,000 votes on Proposal 1 "
Votes For: 3,095,125,956
Votes Against: 2,017,764,557
Abstentions: 875,301
https://ir.ibioinc.com/sec-filings/content/00...000044.pdf
I would never trust a company that pulled this trick just because the first vote for the HUGE reverse split failed.
Wait until shorts figure it out, but at least you know it first
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