correction, 85% of his shares
TK registers 2.56M shares for sale May 20 through his holding companies. realtimefilings.nasdaq.com 1%2D500691%2Etxt&FilePath=%5C2001%5C05%5C22%5C&CoName=ASHTON+TECHNOLOGY+GROUP+IN C&FormType=S%2D3%2FA&RcvdDate=5%2F22%2F2001&pdf=0&site=AMEX&sitesubtype= $2.1M worth of shares were then sold. Using $1/sh avg that is 85% of what he was registering to resell. Shares were sold in May by calp II. TK owns/controls Calp II, if he thought astn had a future, why'd he sell these shares? Yes, I do believe he will short astn shares as he's getting out, not in. Calp II registered to sell shares with the incorrect annual report. ASTN states they sold NO shares to Jameson. See next quote.
"Following the sale of shares of our common stock by certain selling stockholders in May 2001 pursuant to an effective registration statement, we became aware that the financial statements included in the registration
statement did not satisfy the requirements of Regulation S-X. Because the registration statement incorporated by reference our Annual Report on Form 10- K for the year ended March 31, 2000, rather than for the year ended March 31, 2001, as it should have, the registration statement did not meet the applicable form requirements of a registration statement on Form S-2. Thus, claims may be made that the prospectus did not meet the requirements of, and that the sale of the shares was not properly registered pursuant to the Securities Act of 1933. If such claims are upheld, then the sale of the shares of common stock by these selling stockholders may have constituted a violation of the Securities Act of 1933. In this case, the purchasers of the common stock from the selling stockholders could have the right, for a period of one year from the dates of their respective purchases, to recover (i) the purchase price paid for their shares, plus interest, upon tender of their shares to us or (ii) their losses measured by the difference (plus interest) between their respective purchase prices and either the value of their shares at the time they sue us or, if they have sold their shares at a loss, the sale price of their shares. Alternatively, the purchasers of the common stock could have a right to seek redress from the selling stockholders, in which case we may have third party liability to the selling stockholders. We believe that these refunds or damages could total up to approximately $2.1 million, plus interest, in the event the purchasers of the shares suffer a total loss of their investment during this period and seek refunds or damages. If such liability were to occur, there is no guarantee that we would be reimbursed by our insurance carrier, and our business, results of operations and financial condition could suffer."
astn states they sold no shares to jameson. Jameson and calp II were the shares registered for resale in May.
realtimefilings.nasdaq.com 1%2D501228%2Etxt&FilePath=%5C2001%5C07%5C16%5C&CoName=ASHTON+TECHNOLOGY+GROUP+IN C&FormType=10%2DK&RcvdDate=7%2F16%2F2001&pdf=0&site=AMEX&sitesubtype=
scroll down 1/3 of the way of search/find the below words.
"This registration statement has not been declared effective by the Commission and, consequently, the Company has sold no securities under the registration statement." |
