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This one is going to be huge imo...lots of DD around the web. Looks like we will get financials filed next week to know for sure but all DD points to this being a multi-million dollar operation with a 3.5M float. I am expecting at least a 5 bagger from this level. Here is some stuff from another site.
Deep Down, Inc. specializes in the provision of Installation Management, Engineering Services, Support Services and Storage Management for the Subsea Controls, Umbilicals & Pipeline Industries. Located in Houston, Texas, Deep Down is situated to serve clients both internationally and in the Gulf of Mexico.
Deep Down’s principal office is in Channelview, Texas. Deep Down presently has 40 employees
As of the close of business on November 13, 2006, the record date for shares entitled to notice of and to sign written consents in connection with the name change, there were 7,870,171 shares of our common stock outstanding
The acquisition is expected to be accomplished on or about December 14, 2006 by the issuance of 75,000,000 shares (a majority) of the common stock to the Deep Down Shareholders in exchange for 100% of the equity interests of Deep Down. The parent company, MediQuip will, at the same time, change its name to Deep Down, Inc. After completion of the acquisition process, Deep Down will be a wholly-owned subsidiary of MediQuip and the present Deep Down Shareholders will own approximately 89% of the outstanding equity interest and voting rights of the parent company. The acquisition will not require approval of shareholders of MediQuip; however, the acquisition will require the approval of the Deep Down Shareholders who will then own a majority of the shares of stock of MediQuip.
Management's Pledge of No Dilution:
from the 8-K/A, 11/24/06:
SECTION 6.05. Obligations of Shareholder. Shareholder, on behalf of new management of MediQuip, unconditionally agree: (i) to refrain from the issuance of any securities pursuant to a registration statement on Form S-8 for a period of 12 months from and after the Effective Time (ii) not to change the number of issued or outstanding shares of capital stock of MediQuip by a stock split, stock dividend, combination, reclassification, reverse stock split, combination or reclassification of shares or other similar event for a period of 12 months from and after the Effective Time, and except as a condition to a listing of common stock on a national exchange, in which event the limitation period will be 6 months (iii) not to issue any equity securities to any person, firm or corporation for any purpose whatsoever for consideration less than the fair market value applicable to the nature of the transaction of such securities, and (iv) not to file a registration statement with the Securities and Exchange Commission on Form SB-2 or other similar form covering secondary offering of and class of equity securities prior to the expiration of 6 months from and after the Effective Time.
Insiders Own Restricted Stock Under Rule 506 Reg D:
please see the 8-K, 12/15/06, SECTION 3 - SECURITIES AND TRADING MARKETS ITEM 3.02 - UNREGISTERED SALES OF EQUITY SECURITIES
Mr. Smith Prior to his association with Deep Down, Mr. Smith co-founded Deep Down (predecessor) in 1997. Mr. Smith graduated from Texas A&M University with a Bachelor of Science degree in Ocean Engineering in 1981. Mr. Smith worked both onshore and offshore in management positions for Ocean Drilling and Exploration Company (ODECO), Oceaneering Multiflex, Mustang Engineering and Kvaerner before founding Deep Down. Mr. Smith’s interests include all types of offshore technology, nautical innovations, state of the art communications, diving technology, hydromechanics, naval architecture, dynamics of offshore structures, diving technology and marketing of new or innovative concepts. Mr. Smith is directly responsible for the invention or development of many innovative solutions for the offshore industry, including the first steel tube flying lead installation system.
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3.5 mill float? Aren't more shares going to be put out for the merger?
etouqe123
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I've been watching this thing all last week, but I'm still not sure if I want to chase this thing. I did notice it was above a dollar earlier in the year. I'm just not sure if this run will do the same thing. I havent heard much about it on the boards so I dont know where its going. Is there any news or projects on the horizon that will keep people buying?
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