Funny, the notes below do not jive with the Bestway Inc. Offering Memorandum
"1997 Initial Public Offering" document that I have:
"On April 29, 1997 the Board of Directors, in accordance with Section
78.315(2) of the Nevada Revised Statutes, authorized a company name change to
BestWay, USA. A copy of the Certificate of Amendment of the Articles of
Incorporation changing the name of the Company is attached hereto and
incorporated herein by reference. See the Exhibit Index, Part III.
2
During July 1997, the Company authorized the private placement of 1,000,000
shares of the Company's common stock at a price of $2.50 per share. The Company
sold a total of 129,994 shares and received $324,984 in cash from this private
placement."
My understanding was that the "1997 Initial Public Offering" related to 2,000,000
shares of BeSt Way, Inc. at $5 per share. I mean that's at least what the docs I have say.
But the SEC filing says less money and a private placement?!?
Is there something wrong here? I mean there have not been
any violations of Rule 902 of the 1933 Securities Act,
have there? Was there a private placement or was there an IPO?
What about the difference in share price and money raised. It does not add up.
Can someone help? |
