Below is info that I got from Continental Stock, t
Post# of 88001
(Total Views: 591)
Posted On: 06/16/2023 2:19:07 PM
Below is info that I got from Continental Stock, the transfer agent. It is appropriately vague as they could not tell me "WHY" doc unrestricted his shares. I find the concept that he moved them to his broker to start selling completely laughable. He never has sold and he isn't going to start before he launches us and makes all of us a lot of money. Even then he will have to abide by rule 144 which dictates he may only sell 1% of the OS per quarter. That's 25 million a Q and would take 14 years. He would also have to file a form 144 before and a form 4 after. But, I'm not worried about him selling. Anyway, here is what the TA said.
"In general when shares are unrestricted for an affiliate, sometimes it can be because they simply want to hold their shares with their Broker instead of with the Transfer Agent for whenever they are ready to sell. In any case, Company Counsel is required to provide an opinion/confirmation releasing the Transfer Agent of the responsibility of monitoring the shares and it gets shifted over to the Broker. Brokers are required to confirm that the shares will be held in a control securities custody account and abide by the sale requirements. The Company confirms that internal SEC Compliance procedures to monitor any transactions involving these shares have been put in place."
I should add that seeing this share structure change is one of the most exciting things that I have personally seen for UNVC in a while. It isn't something that one would do for no reason at all. Something is going on.
"In general when shares are unrestricted for an affiliate, sometimes it can be because they simply want to hold their shares with their Broker instead of with the Transfer Agent for whenever they are ready to sell. In any case, Company Counsel is required to provide an opinion/confirmation releasing the Transfer Agent of the responsibility of monitoring the shares and it gets shifted over to the Broker. Brokers are required to confirm that the shares will be held in a control securities custody account and abide by the sale requirements. The Company confirms that internal SEC Compliance procedures to monitor any transactions involving these shares have been put in place."
I should add that seeing this share structure change is one of the most exciting things that I have personally seen for UNVC in a while. It isn't something that one would do for no reason at all. Something is going on.
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