2022 Q3 Note 5 - Subsequent Events: "On Novembe
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Posted On: 11/14/2022 8:19:14 PM
2022 Q3 Note 5 - Subsequent Events:
"On November 11, 2022, the Company’s controlling shareholder, Joseph Ladin, entered into a control securities purchase agreement (the “Sale Agreement”) with Loyal Technologies, LLC, pursuant to which Mr. Ladin is to sell the single share of Series A Preferred Stock which share of Series A Preferred Stock provides voting control of the Company to its holder. The Sale Agreement is expected to close prior to the close of business on November 21, 2022. As a condition precedent to the closing of the Sale Agreement, the Company is required to have divested of its operating subsidiary, SFLMaven of Florida, LLC. In this regard, the Company is currently negotiating a sale of SFLMaven of Florida, LLC and expects that a definitive agreement will be signed and closed prior to the close of business on November 18, 2022."
I believe this means:
The ticker SFLM is being sold to Loyal Technologies, LLC [presumably a private company that wants to go private].
Current SFLM CEO Mr Ladin (owner of SFLMaven jewelry) is selling the voting control rights.
As a condition of the sale of the ticker SFLM, the jewelry company SFLMaven is being divested. The sale of it is currently being negotiated and is expected to close by November 18, 2022 (Friday). The current financial performance of SFLMaven in the Q3 would therefore now appear irrelevant.
The takeover of the ticker SFLM by Loyal Technologies, LLC is expected to be completed by November 21, 2022 (Monday).
So now we can expect to see PRs of the business sector that Loyal Technologies, LLC is in and its plans for the future.
Ahead, there may well be PRs on a change of CEO, change of company name and a ticker change.
Hopefully this will get an upward move started on a ticker that has a relatively thin share structure at 2.182 Billion Outstanding.
Another ticker today just had its A/S increase from 20 Billion to 50 Billion.
"On November 11, 2022, the Company’s controlling shareholder, Joseph Ladin, entered into a control securities purchase agreement (the “Sale Agreement”) with Loyal Technologies, LLC, pursuant to which Mr. Ladin is to sell the single share of Series A Preferred Stock which share of Series A Preferred Stock provides voting control of the Company to its holder. The Sale Agreement is expected to close prior to the close of business on November 21, 2022. As a condition precedent to the closing of the Sale Agreement, the Company is required to have divested of its operating subsidiary, SFLMaven of Florida, LLC. In this regard, the Company is currently negotiating a sale of SFLMaven of Florida, LLC and expects that a definitive agreement will be signed and closed prior to the close of business on November 18, 2022."
I believe this means:
The ticker SFLM is being sold to Loyal Technologies, LLC [presumably a private company that wants to go private].
Current SFLM CEO Mr Ladin (owner of SFLMaven jewelry) is selling the voting control rights.
As a condition of the sale of the ticker SFLM, the jewelry company SFLMaven is being divested. The sale of it is currently being negotiated and is expected to close by November 18, 2022 (Friday). The current financial performance of SFLMaven in the Q3 would therefore now appear irrelevant.
The takeover of the ticker SFLM by Loyal Technologies, LLC is expected to be completed by November 21, 2022 (Monday).
So now we can expect to see PRs of the business sector that Loyal Technologies, LLC is in and its plans for the future.
Ahead, there may well be PRs on a change of CEO, change of company name and a ticker change.
Hopefully this will get an upward move started on a ticker that has a relatively thin share structure at 2.182 Billion Outstanding.
Another ticker today just had its A/S increase from 20 Billion to 50 Billion.
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A very apposite motto for those who trade successfully in the OTC market..
All posts are my opinion - trade at your own risk.
A very apposite motto for those who trade successfully in the OTC market..
All posts are my opinion - trade at your own risk.