TXXN PRE 14C filed on 10/18/06... http://tinyurl.com/ydpov2 Immediately following the merger, Texxon-Nevada's board of directors will authorize and implement a 1 for 20 reverse stock split of all of its issued and outstanding shares of common stock, and a 1 for 4 reverse stock split of all of its issued and outstanding shares of TelePlus Acquisition convertible preferred stock.
-------------------- ^..^ Posts: 2823 | From: New York | Registered: Jan 2004
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How can this be legal?? This is the 4th R/S this year! I don't own it.. but wow! This is crazy!
RMNE - Raven Moon Intertainment Inc Reverse Split History
Symbol Split Ratio Date REVM 1:200 R/S 09/20/2006 RVMO 1:20 R/S 07/17/2006 RVMN 1:75 R/S 02/17/2006 RVNM 1:1000 R/S 07/15/2005 RMOO 1:50 R/S 07/10/2003 RMOO 1:10 R/S 06/30/1999
-------------------- "As long as there are dreamers, there are dreams that will come true." Posts: 862 | From: CT Yankee..... in FLA | Registered: Aug 2005
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posted
My jaw just dropped. They are seriously doing another reverse split? 3rd in 4 months?
Realistically, how IS that legal?
Makes my stomach hurt to think that people like that exist to intentionally screw peole out of money.
Wait, I just found this in the filing:
"The Amendment will effect a one-for-2,000 (1:2,000) reverse split of our issued and outstanding common stock. At November 8, 2006 we had 16,236,178,011 shares of our common stock issued and outstanding. The Amendment provides that each two thousand (2,000) shares of our common stock outstanding immediately prior to the Effective Date of the Amendment (the "Old Shares") will be automatically converted into one (1) share of our common stock (the "New Shares"), thereby reducing the number of outstanding shares of our common stock to approximately 11,869,934,351 shares, subject to rounding."
quote:Originally posted by PCola77: Wait, I just found this in the filing:
"The Amendment will effect a one-for-2,000 (1:2,000) reverse split of our issued and outstanding common stock. At November 8, 2006 we had 16,236,178,011 shares of our common stock issued and outstanding. The Amendment provides that each two thousand (2,000) shares of our common stock outstanding immediately prior to the Effective Date of the Amendment (the "Old Shares") will be automatically converted into one (1) share of our common stock (the "New Shares"), thereby reducing the number of outstanding shares of our common stock to approximately 11,869,934,351 shares, subject to rounding."
How is 16,236,178,011/2000 = 11,869,934,351?
What am I missing?
Heckifiknow.. LOL gotta love their math, huh... HOW many shares did they have outstanding BEFORE all these splits this year? And no!~ thankfully I'm not familiar with those crooks!!
-------------------- "As long as there are dreamers, there are dreams that will come true." Posts: 862 | From: CT Yankee..... in FLA | Registered: Aug 2005
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posted
BTW, I think I may have figured out the math. Apparently they had an "option" that you could invoke as a stockholder to be exempt from any reverse splits for 12 months. Maybe some people did that and so only the shares of the people taht didn't do it will get reversed so the O/S won't reduce that much.
posted
And the SEC can't do anything about it? Has anyone ever reported them to the SEC? That's a scam/criminal, if I ever saw one!
-------------------- "As long as there are dreamers, there are dreams that will come true." Posts: 862 | From: CT Yankee..... in FLA | Registered: Aug 2005
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