Re: Issued and Outstanding Stock Update
Back in April I wrote (in the referenced post):
8. According to public records kept by your transfer agent, Florida Atlantic Stock Transfer (954-726-4954), the total number of shares outstanding for ABFG is 32,549,000. You web site says there are 29,900,000 shares out: abfg.com, which is my understanding was accurate until very recently.
--> Where did the 2,649,000 additional shares come from?
For fun, I called FAST and was told the current issued and outstanding number is... brace yourself... 50,241,075!
According to their web site the number is supposed to be 33,949,000 common and 10,000,000 preferred (see abfg.com. Looks to me like certain people who used to hold restricted stock recently converted it to common. My guess is the huge run-up from .50 to .75 on high volume was orchestrated to allow these people to sell at as high a price possible -- to the suckers who believed the Form 10 was about to be filed, the "E" would be removed, and all would be well in ABFG-land. My condolences to anyone who may have fallen for such a scheme if indeed something like that truly did happen.
- Jeff |
